TL;DR: In 2023, beef and pork exports valued at $18.1 billion significantly boosted US corn and soybean markets, according to a study by The Juday Group.
Denver — In 2023, beef and pork exports, totalling $18.1 billion, significantly boosted the corn and soybean sectors. This was highlighted in a study by The Juday Group, commissioned by the US Meat Export Federation (USMEF).
This research looked into how these exports impacted corn and soybean values, both nationally and across major producing states.
Dave Juday pointed out, “Even facing global challenges, meat exports greatly enhanced US corn and soybean prices.”
Beef and pork exports were responsible for using 512.7 million bushels of corn, valued at $3.05 billion, and 3.07 million tonnes of DDGS, worth $671.62 million. This contribution amounted to a 14.6% increase per bushel for corn and 13.9% for soybeans.
Additionally, pork exports used 96.8 million bushels of soybeans, bringing in $1.36 billion. These figures represent a significant portion of the market value for these crops.
The USMEF’s website offers further insights into the effects of meat exports on the agriculture industry.
Randy Spronk, USMEF Chair, stressed the importance of high-quality US feed in the success of US meat overseas. “Our sustainable farming practices are key to standing out in the global market,” he said.
Key Highlights:
- Beef and pork exports brought substantial economic benefits to the corn and soybean sectors.
- 512.7 million bushels of corn and 96.8 million bushels of soybeans were used for meat exports.
- This led to a significant increase in per bushel value for both crops.
- The US’s sustainable agriculture practices contribute to its competitive edge in international markets.
