- Major export business this week
- Battle between good weather and crops
- Is there inflationary concern with the dollar?
- Record prices in China…how short are they on food?
- Little boy that called woof.
- Dairy price update
We know we started the week with a 10th day in a row of grain purchases, saw a slowdown and then a ramp up to finish the week. Clay Patton talks with Jeff Peterson of Heartland Farm Partners.
The U.S. Meat Export Federation released an updated version of an independent study aimed at quantifying the value that red meat exports provide U.S. corn and soybean farmers.
The independent study was conducted by a company called World Perspectives, Incorporated. Since 2015, indirect exports of corn and soybeans through beef and pork exports have been the fastest-growing category of corn and soybean use. That’s delivered critical returns for corn and soybean producers. These farmers support the international promotion of U.S. beef, pork, and lamb, by investing a portion of their checkoff dollars in market development efforts conducted by USMEF.
In 2019, U.S. beef and pork exports used 480 million bushels of corn. Corn revenue generated by pork exports totaled $1.8 billion. Last year, U.S. pork exports used 2.12 million tons of soybean meal, equivalent to 89.2 million bushels of soybeans, that generated $751.7 million in revenue.
Beef and pork exports also used approximately three million tons of DDGS, which generated $411.8 million in revenue for ethanol’s co-products. USMEF President and CEO Dan Halstrom says, “We greatly appreciate the foresight and confidence shown by the corn and soybean sectors when they invest in red meat exports. This study proves the value delivered by that investment.”