Beef and pork exports continue to provide significant value to Minnesota's corn farmers, according to a new study commissioned by the U.S. Meat Export Federation (USMEF).
In 2021, beef and pork exports accounted for 49.6 million bushels of Minnesota corn usage and 3.4 million tons of dried distillers grains, according to the study. In total, beef and pork exports represented approximately 12% of the value of each bushel of corn.
At an average price of $5.48 per bushel, that means beef and pork exports accounted for 66 cents of the value of each Minnesota bushel produced in 2021.
"The study validates the red meat industry's collaborative approach to export market development," USMEF Chair-elect Dean Meyer, an Iowa crop and livestock farmer, said in a statement. "Beef and pork exports drive value directly back to my farm, and this study helps confirm the return on this investment for all corn and soybean producers."
Nationally, beef and pork exports accounted for 537 million bushels of corn usage in 2021, equating to $2.9 billion at an average corn price of $5.48 a bushel, according to USMEF.
Beef and pork exports accounted for 3.4 million tons of DDGS usage, equating to $716 million at an average price of $209.92 a ton.
"The industry-wide collaboration to promote value-added U.S. red meat in international markets works to the benefit of the entire red meat industry," USMEF executive committee member Mark Legan said in a statement. "Red meat export growth results in greater demand for feed inputs and added value at every step of the supply chain. This study demonstrates the significance of global trade to the bottom line of American farmers and ranchers."
Exports are important to Minnesota's corn farmers, studies show. In 2018, 25% of the value of Minnesota's corn crop was derived from exports, according to a study commissioned by the U.S. Grains Council.
Each year, as part of its mission to identify and promote opportunities for the state's corn farmers, Minnesota's corn organizations invest in groups that work to boost exports, such as USMEF and the U.S. Grains Council. The efforts appear to be getting results. Between 1977 and 2019, programs aimed at helping U.S. farmers build markets overseas boosted agricultural exports by an average of $9.6 billion annually, increasing export revenues by 13.7% and returning $24.50 for every dollar invested.
To learn more Minnesota Corn's efforts to increase exports, visit mncorn.org/utilization.
Categories: Minnesota, Crops, Corn