Missouri ag faces $850 million in losses from COVID-19
An ag economist estimates the coronavirus outbreak could cost Missouri farmers and ranchers about $850-million.
University of Missouri’s Scott Brown. “When you start to look at the commodities here in Missouri, cattle sticks out as one of the largest ones as we saw cattle prices move lower,” he says. “My current estimate would suggest the loss in cash receipts for the Missouri cattle industry total somewhere around $275-million.”
Brown estimates cash receipts for pork are down about $175-million and losses to corn and soybeans combined are down about $200-million.
He tells Brownfield the Coronavirus Food Assistance Program (CFAP) will provide Missouri farmers and ranchers some relief, but it won’t make them whole. “I think at the end of the day we’re going to see some producers here decide it’s time to exit the industry, while others will weather the storm,” he says. “Hopefully we come out the other side with some better financial situations as we get into 2021 and 2022.”
Brown estimates somewhere between $500 and $700 million from CFAP will head to Missouri.
He shared his findings during his recent testimony before the Joint Committee on Agriculture.
AUDIO: Scott Brown, University of Missouri