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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 8% of USMEF’s total funding comes from the soybean checkoff and about 7% 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.

Record-level red meat exports of $18.7 billion in 2021 had a major impact on the corn and soybean industries, according to an independent study by the Juday Group. The study quantified the returns that red meat exports brought to corn and soybean producers in 2021 nationally, and at state levels for leading corn-producing and soybean-producing states. USMEF released an updated version of the study in June 2022. The original study was conducted in 2016 with updates also released in 2018, 2019, 2020 and 2021.

Key findings from the latest study, which utilized 2021 export data, include:

  • Nationally, beef and pork exports accounted for 537 million bushels of corn usage, equating to $2.94 billion (at an average corn price of $5.48/bushel).
  • Pork exports accounted for 99.3 million bushels of soybean usage nationwide (the equivalent of 2.36 million metric tons of soybean meal), which equated to $1.3 billion (at an average soybean price of $13.13/bushel).
  • Beef and pork exports accounted for 3.4 million tons of DDGS usage, equating to $716 million (at an average price of $209.92/ton).

Handouts detailing the impact of red meat exports at the national level and on the leading corn-producing and soybean-producing states are available from the USMEF website.

A video is also available on this topic:

    This overview video features an explanation of the impact numbers with Dave Juday of The Juday Group.

For questions, please email Rod Manuel or call 303-210-3501.