A recent study by the U.S. Meat Export Federation (USMEF) indicates that U.S. beef and pork exports added 41 cents per bushel to the value of corn in 2020. That’s 11.5% of the average annual price of $3.52/bushel, and the overall value of red meat exports was $5.8 billion.
“Considering everything that happened in 2020, it is encouraging to see how red meat exports continued to show a strong return for U.S. corn farmers,” said NCGA Market Development Action Team (MDAT) Chair and Iowa farmer Bob Hemesath. “The animal ag industry is our largest customer. It’s important to continue to partner with USMEF and expand and grow these markets.”
Key findings from the study, which utilizes 2020 export data, include:
Beef and pork exports used 530.5 million bushels of corn. At an average annual price of $3.52/bushel, beef and pork exports accounted for $1.87 billion in market value to the corn industry.
Beef and pork exports also used 3.03 million tons of distiller’s dried grains with solubles (DDGS) at an annual average price of $154.59/ton, generating $468 million in market value for ethanol mills’ co-products.
“The corn industry provides critical support for USMEF’s efforts to expand global demand for U.S. red meat,” said USMEF Senior Vice President of Industry Relations John Hinners. “This study helps quantify the return on that investment.”