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Key Topic – Corn and Soybeans

Animal agriculture is the largest customer for the U.S. soybean and corn industries, and red meat exports are critical to the viability of animal agriculture in the United States. Soybean and corn producers recognize the importance of red meat exports to their own profitability, and are strong supporters of USMEF. About 9 percent of USMEF’s total funding comes from the soybean checkoff and about 6 percent comes from the corn checkoff.

Every pound of U.S. pork exported represents the utilization of about 0.91 pounds of U.S. soybean meal. Every pound of U.S. beef exported represents the utilization of about 2.6 pounds of U.S. feedgrains.

UPDATE: In December 2018, USMEF released an updated version of an independent study aimed at quantifying the returns red meat exports provide to U.S. corn producers. The original study was conducted in 2016, using 2015 export data. Key findings from the updated study, conducted by World Perspectives Inc., include:

– In 2018, U.S. beef and pork exports will use a combined total of 14.9 million tons of corn and DDGS, which equates to an additional 459.7 million bushels of corn produced, which is an increase of 29 percent over the 2015 projections.
– Since 2015, one in every four bushels of added feed demand for corn is due to beef and pork exports.
– About 11 percent of the price of corn this year will be derived from red meat exports.
– Red meat exports’ impact on corn price is 39 cents per bushel (based on annual average price of $3.53 per bushel).
– There would be a loss of $5.7 billion in corn value without red meat exports.

Read more about the study in this USMEF news release.