Impact of Meat Exports on Corn and Soybean Sectors Revealed
The U.S. Meat Export Federation (USMEF) has released a study conducted by the Juday Group, showing how pork and beef exports are crucial to the U.S. corn and soybean industries. Despite a challenging year, these exports added $19.1 billion to the market, supporting farmer incomes notably in 2024.
"Domestic feed usage is critical to our industries and the continued growth in red meat exports is encouraging," said Dave Bruntz, USMEF Vice Chair, who also farms in Nebraska.
The study highlights that U.S. pork and beef exports contributed $2.24 billion to the corn market and $1.12 billion to soybeans. Additionally, distiller’s dried grains with solubles (DDGS) saw a $525 million boost from these exports.
In detail, beef and pork exports utilized 525.1 million bushels of U.S. corn and 3.04 million tons of DDGS. This usage represents a significant portion of the domestic market, emphasizing the interconnection between livestock and crop production.
For soybeans, pork exports alone accounted for 100.7 million bushels, underlining their importance to soybean growers. The overall economic impact on the price per bushel was substantial, with increases of 14% for corn and 13.2% for soybeans, directly linked to export activities.
The findings underscore the critical role of agricultural exports in enhancing U.S. farm income and stabilizing the agricultural economy. As exports of pork and beef continue to play in the global market, the benefits cascade back to U.S. crop producers, ensuring their competitiveness and profitability in challenging economic times.
This comprehensive analysis serves as a testament to the importance of maintaining and growing international markets for U.S. agricultural products, securing a prosperous future for America's farmers.