A top market for corn farmers is livestock feed. Here in Iowa, our commodity groups work very closely on a variety of projects and programs. When looking at growth potential for both livestock producers and corn farmers, exports present the greatest opportunity with 96% of the global population living outside the U.S.
“We asked our livestock partners; how can we best support you as our customers. The answer was clear, invest with the U.S. Meat Export Federation (USMEF) to build demand for corn-fed meat on the world’s table,” said Larry Buss, a farmer from Logan and president of the Iowa Corn Promotion Board.
Since 2013, the Iowa Corn Promotion Board has invested $12,520,360 in red meat exports with USMEF. In the past 10 years, U.S. beef and variety meat exports increased by 30% in volume and 112% in value to a record 1.47 million mt worth $11.7 billion in 2022. Over 15 percent of beef and beef variety meat produced in the U.S. is exported and that doesn’t just add to the value of beef but also to corn exported through that beef. In 2022, exports of beef and pork accounted for 90.9 million bushels of Iowa corn usage with a market value of $614 million.
“South Korea is a market that would not exist today if it were not for the investment of the corn and soybean checkoff,” said John Hinners, senior vice president of industry relations for USMEF. “When BSE (bovine spongiform encephalopathy) hit, U.S. beef was completely banned from South Korea. Thanks to organizations like the Iowa Corn Promotion Board, USMEF was able to slowly work U.S. beef back into the South Korean market and today, it is again one of our top markets.”
Exports of U.S. beef and variety meats to Korea increased by 132% in volume and 363% in value from 2012 to a record 291,748 mt valued at $2.7 billion in 2022. Korea was the top export market by value for U.S. beef and variety meat exports in 2022. Korea is also the top consumer of U.S. beef outside of the U.S., as U.S. beef accounted for 34% of Korea’s total beef consumption in 2022.
Iowa Corn Promotion Board invested checkoff dollars for Korea’s fastest-growing e-commerce and convenience product sector by supporting advertising, cooking demonstrations, recipes and more to help U.S. corn-fed beef become the top choice for households. In 2022, Korean per capita sales for the food e-commerce sector was $531 compared to the world average of $44.
“As a livestock producer and past director of Iowa Corn Growers Association, I am honored to serve as current chair of USMEF,” said Dean Meyer, a farmer from Lyon County, Iowa. “USMEF creates demand for livestock producers and corn farmers bringing profitability to both sectors. The Iowa Corn Promotion Board’s partnership with USMEF adds value to my farm and all Iowa corn farmers and livestock producers.
To learn more about Iowa Corn Promotion Board’s investment with USMEF, please visit https://www.iowacorn.org/corn-uses/exports/