As the difficult economics for corn and soybean growers continue, an update from the U.S. Meat Export Federation (USMEF) shows how beef and pork exports add support to their bottom lines. Pork and beef export values in 2024 had a significant impact on the corn and soybean industries, according to an independent study conducted by the Juday Group and released by USMEF, accounting for over $3.3 billion in market value between the two crops.
USMEF notes that U.S. pork and beef exports increased more than $1 billion in 2024 to $19.2 billion, which is just -2% below the record set in 2022. Nationally, U.S. pork and beef exports accounted for $2.24 billion in market value to corn, $525 million to distiller’s dried grains with solubles (DDGS), and $1.12 billion to soybeans in 2024.
Corn and soybean growers support the promotion of US pork, beef and lamb by investing a portion of their checkoff dollars in market development efforts conducted by USMEF. The full study is available HERE. Some of the key findings from the study, which utilized 2024 statistics provided by USDA’s National Agricultural Statistics Service, include:
Exporting Corn Through U.S. Beef and Pork
- Beef and pork exports accounted for 525.1 million bushels of U.S. corn usage, which equated to a market value of $2.24 billion (at an average 2024 corn price of $4.27 per bushel).
- Beef and pork exports accounted for 3.04 million tons of DDGS usage, equating to $525 million (at an average 2024 price of $172.56 per ton).
- Beef and pork exports contributed an estimated total economic impact of 14%, or $0.59, of bushel value at an average price of $4.27 per bushel in 2024.
Exporting Soybeans Through U.S Pork
- Pork exports accounted for 100.7 million bushels of U.S. soybean usage, which equated to a market value of $1.12 billion (at an average 2024 soybean price of $11.11 per bushel).
- Pork exports contributed an estimated total economic impact of 13.2% of bushel value, or $1.46, at an average price of $11.11 per bushel in 2024.
