A new study shows red meat exports added 12 percent of bushel value to U.S. corn farmers in 2019. The U.S. Meat Export Federation recently updated a study on the market value of red meat exports. At an average of $3.75 per bushel, $0.46 is from red meat exports, according to the study.
The results indicate that without red meat exports, corn growers would have lost $6.4 billion in corn revenue in 2019. Last year, U.S. beef and pork exports used 480 million bushels of corn. Corn revenue generated by pork exports totaled $1.8 billion.
Beef and pork exports also used about three million tons of distiller’s dried grains with solubles in 2019 at an annual average price of $137 per ton. This generated $411.8 million in revenue for co-products from ethanol mills. USMEF says beef and pork exports have been the fastest-growing category of corn use since 2015.
The projected market value of red meat exports to U.S. corn from 2020-2029 is $23.1 billion.