The U.S. Meat Export Federation (USMEF) released numbers earlier this month detailing how pork exports helped to benefit soybean producers for the 2024 fiscal year. According to an independent study conducted by the Juday Group, while soy prices alone were not ideal in 2024, pork exports helped fill the gap for producers looking to sell their beans.
“The soybean industry provides critical support for USMEF’s efforts to expand global demand for U.S. pork,” said John Hinners, USMEF senior vice president of industry relations John Hinners. “This study helps quantify the return on that investment.”
In 2024, swine used 17.1% of soybean meal produced for livestock, the second largest amount behind poultry. However, the pork export market expanded in 2024, leading to increased income for soy producers. Pork production increased by 13% from 2015, and pork exports increased by 42% in the same time period.
In Minnesota specifically, pork exports accounted for 7.6 million bushels of soybean usage in 2024. The market value of pork exports to Minnesota soybean farmers was equal to $84.45 million.
USMEF is a nonprofit trade association that works to create new opportunities and develop existing international markets for U.S. beef, pork and lamb.
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