Corn used for feed to support U.S. red meat exports contributed to 15% of overall corn value in 2022 according to an annual study conducted by World Perspectives, Inc., on behalf of the U.S. Meat Export Federation (USMEF). Dave Juday, World Perspectives senior analyst, said that can be traced back to a few market factors.
?That’s the highest we’ve seen it in the past years that we’ve done that,? Juday said. ?We can track that back to record beef exports, and a shorter supply of corn in the U.S. market. The equivalent of feed use would be about 503 million bushels of corn. You take that yearlong price of $6.75 against that corn use, that’s about $3.4 billion in market value to corn in 2022. So, if you look at the total economic impact of what red meat exports meant to corn, take that dollar and one cent per bushel times the entire corn crop, you get an impact of $13.8 billion that meat exports added to the value of corn in 2022.?
On the soy side, Juday said exports supported 13% of market value according to the study.
?Soybean average price in 2022 in the calendar year was about $14.83,? Juday said. ?Pork exports accounted for about 13% of that value or $1.94 per bushel. So total economic impact – if you take that $1.94 a bushel across the entire soybean yield in 2022, you get an impact of about $8.3 billion.?
For more information, visit usmef.org.
