Market Value of Red Meat Exports to U.S. Corn Growers
Other highlights from the updated study include:
Value of Red Meat Exports’ Feed Use of Corn and Soybeans
-In 2019, U.S. beef and pork exports used 480 million bushels of corn. Corn revenue generated by pork exports totaled $1.8 billion (480 million bushels x average annual price of $3.75/bushel).
-Beef and pork exports also used about 3 million tons of distiller’s dried grains with solubles (DDGS) in 2019 at an annual average price of $137/ton. This generated $411.8 million in revenue for ethanol mills’ co-products.
-The projected market value of red meat exports to U.S. corn from 2020-2029 is $23.1 billion.
“The animal ag industry is the largest user of U.S. corn, and it’s beneficial to have an understanding of the impact of the value of red meat exports,” said Dan Wesely, chairman of the Market Development Action Team. “It’s important to partner with USMEF to work together to continue to expand and grow these markets, especially during these challenging times.”
Source: National Corn Growers Association