Home 5 Ag Stories Red meat exports see growing impact on corn and soybean values

Red meat exports see growing impact on corn and soybean values

Photo courtesy of U.S. Meat Export Federation

U.S. Meat Export Federation (USMEF) leaders recently gathered in Orlando for this year’s Commodity Classic. As a national organization, it’s very important for the USMEF to join in supporting other commodity groups at the annual gathering. USMEF Chair Dean Meyer, who is also a farmer from northwest Iowa, said it was a great opportunity to talk exports with producers and other key partners.

“If it wasn’t for the checkoff dollars from corn, soybean, beef, and pork, we wouldn’t be able to do the activities we do in in the various countries,” Meyer said. “So that’s certainly important for us to be here and to support them like they support us and show our appreciation.”

The USMEF also released the latest figures from an independent study commissioned by USMEF and conducted by World Perspectives- based on 2022 export data- at Commodity Classic. The study showed that red meat exports accounted for 503.4 million bushels of corn usage in 2022 for a total impact of $13.87 billion to U.S. corn, and on the soybean side, red meat exports accounted for 89.7 million bushels with a total impact of $8.3 billion. Meyer said this shows just how much of an impact red meat exports can have on the value of U.S. corn and soybeans.

“You know, every bushel of corn that we market, there’s a little over $1 of that that’s attributed to red meat exports,” Meyer said. “That’s grown significantly in the last couple of years. I think last year was just 12%; this year 15% of that bushel of corn is because of red meat exports. And likewise in soybeans. Soybeans, I believe it’s $1.94 is attributed of every bushel soybeans to red meat exports. And that’s 13% of the price of every bushel.”

For more information, visit usmef.org.