Ag losses from 2019-2021 could be billions more than expected

The decline in value for agriculture commodities from 2019 through 2021 adds up to almost $60 billion, according to USDA data. The American Farm Bureau Federation says that this does not include all of ag’s losses, which would be billions more.

Speaking to farm broadcasters, Ag Secretary Sonny Perdue says that the USDA is evaluating what comes next for the Coronavirus Food Assistance Program. “I know you’re all curious about what the future of CFAP will look like. What I can tell you is that Congress replenished $14 billion dollars in the CARES Act for the CCC,” the Secretary noted. “We’re in the process of evaluating the COVID-19 impact on the agriculture economy and looking back at the lessons learned so far as we consider our second round of CFAP.”

The COVID-19 pandemic has created other challenges for the ethanol industry. Following a significant slide in consumption, Perdue says that demand is starting to increase as people hit the roads. The ethanol industry also wants relief after being left out of the last coronavirus aid package.