Study shows big losses for Iowa agriculture related to COVID-19
An Iowa State University study projecting the economic impacts of the COVID-19 outbreak shows steep losses for Iowa agriculture, including over two billion dollars each for the hog and ethanol sectors.
ISU ag economist Chad Hart says they projected the losses on a month-by-month basis through the end of the year. But he says the final numbers could be less, depending on how quickly the general economy recovers.
“That really depends upon how COVID-19 responds to the social distancing that we’ve done here,” Hart says. “If we can flatten this curve and get it to where we can restart the economy, we can recover some of those potential losses through greater economic activity.”
The Center for Agricultural and Rural Development (CARD) analysis finds potential damage of $34 million for calves and feeder cattle, $213 million for soybean, $658 million for fed cattle, $788 million for corn, $2.1 billion for hogs and over $2.5 billion for ethanol.