LINCOLN - The coronavirus pandemic has had a significant impact on agriculture.
During a webinar hosted by the Platte Institute, Nebraska Farm Bureau Senior Economist Jay Rempe said Nebraska producers’ losses from January to early April of this year was $2.14 billion or ten percent of total Ag receipts.
Rempe said he heard reports that farmers’ losses this year will be $75 to $100 an acre unless something turns around.
As for futures price declines due to the coronavirus between January 2nd and April 9th, he said hogs were down 53 percent, ethanol 33 percent, live cattle 25 percent, corn 20 percent, and soybeans 13 percent.
"This is due both to the demand shocks that we've seen plus some of the supply issues we've seen. With the stay at home orders and people not traveling as much, people aren't consuming as much gasoline so that has impacted the ethanol industry. It's also down due to the recent oil fight Russia and Saudi Arabia got involved in."
Tom Sell, former U.S. House Agriculture Committee Deputy Chief of Staff said there is money available to producers to help them get through this financial crisis.
Sell said there’s $23.5 billion available to producers as part of the CARES Act through the Commodity Credit Cooperation and $16 billion through the Coronavirus Food Assistance Program.