The new coronavirus is dealing another blow to the struggling U.S. agricultural sector; driving down crop and livestock prices and threatening labor shortages for farms
Even as consumers clear food staples from supermarket shelves, Midwestern farmers’ prospects have dimmed. Agricultural futures on the Chicago Board of Trade have been on a slide since Feb. 24, when coronavirus concerns began to weigh on U.S. stock markets. Corn futures have shed nearly 10%, wheat futures have fallen nearly 2%, and soybean futures have dropped over 4%.
Virus-driven disruptions could derail what economists had expected to be a more stable year for farmers, following years of sagging prices and trade disputes that cut into exports. The U.S. Department of Agriculture in February forecast that net U.S. farm income would rise 3.3% this year to $96.7 billion, lifted by higher prices for livestock and dairy commodities. Even at those levels, U.S. net farm income would remain 30.5% below its 2013 peak.
Tyson Foods Inc., the largest U.S. meat processor by sales, said it plans to pay a premium on cattle slaughtered next week, to help feedlots through the price drop. While many food companies have seen voracious demand for their products in recent days, agriculture executives say the surge may not represent a fundamental shift in consumers’ overall food purchasing as many shy away from restaurants.
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