Boost in corn and soybean values thanks to beef and pork exports in 2023
USAgNet - 04/02/2024
In 2023, beef and pork exports from the United States, totalling $18.1 billion, significantly influenced the agricultural sector, especially benefiting corn and soybean producers. This development is highlighted in a study released by the U.S. Meat Export Federation, conducted by The Juday Group, which analysed the economic impact of these exports on a national and state level.
The study found that beef and pork exports added an estimated 14.6% and 13.9% to the value per bushel of corn and soybeans, respectively. This outcome underscores the critical role of these exports in supporting U.S. agriculture, despite various global challenges faced during the year.
Key insights include the consumption of 512.7 million bushels of corn and 3.07 million tons of DDGS (Distillers Dried Grains with Soluble), attributed to beef and pork exports. This translated into a substantial economic boon for the sector, with corn and soybean producers enjoying increased market values of their crops.
The study points out the importance of quality U.S. feed inputs in distinguishing U.S. red meat products in international markets, emphasizing sustainable farming practices.
With handouts detailing these impacts available for further insight, the study reinforces the significance of red meat exports in enhancing the value of corn and soybeans, vital components of U.S. agriculture.
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