American Farm Bureau Federation president Zippy Duvall on Friday provided some hard numbers for reporters about how COVID-19 is impacting commodity prices.
In the past month, dairy prices have dropped 26-36%, corn futures have dropped by 14%, soybean futures are down 8% and cotton futures have plummeted 31%. Hog futures are down by 31%. A surge in demand for beef emptied grocery store meat aisles, but there is no lack of supply. Despite a rise in retail prices in some areas, the prices paid to cattle ranchers have fallen 25%.
AFBF president Zippy Duvall on impacts COVID-19 on ag (3:23)Farm Bureau brought together several farmers from different areas of the country to talk about how the crisis has impacted them personally.
Peter Bakken is a cattle producer from Minnesota
Comments from MN cattle farmer Peter Bakken (4:19)
James Alderman is a vegetable farmer in Palm Beach County, Florida
Comments from Florida vegetable grower Jim Alderman (4:50)
Alan Reed is a dairy farmer in Idaho
Comments from Idaho dairy farmer Alan Reed (4:05)
Complete call:
AFBF Impact of COVID-19 on agriculture (58:57)