U.S. beef and pork exports brought critical returns to the corn and soybean industries in 2020, according to an independent study released by the U.S. Meat Export Federation. The study found U.S. beef and pork exports added 41 cents per bushel to the value of corn and $1.06 per bushel to soybeans in 2020. Corn and soybean producers support the international promotion of U.S. pork, beef and lamb by investing a portion of their checkoff dollars in market development efforts conducted by USMEF.
The study shows U.S. pork exports used 2.45 million tons of soybean meal, which is the equivalent of 103.2 million bushels of soybeans. At an average annual price of $8.98 per bushel, pork exports accounted for $927 million in market value to the soybean industry. Beef and pork exports used 530.5 million bushels of corn. At an average annual price of $3.52 per bushel, beef and pork exports accounted for $1.87 billion in market value to the corn industry.