It is predicted that the cattle industry could lose up to $14 billion dollars, due to COVID-19. RFD-TV’s Janet Adkison speaks with Brett Crosby, with the U.S. Cattlemen’s Association and Custom Ag Solutions, on what he thinks the future holds for the industry.
Crosby states that the three main sectors will lose billions due to COVID-19. It is estimated that cow/calf will lose almost $4.5 billion dollars, stocker/background will lose over $5.5 billion dollars, and the live cattle-feedlot is also estimated to lose over $4.5 billion dollars.
Crosby states that these numbers could increase, specifically for feedlot: “The big losses are going to come from 2nd and 3rd quarters...We’re killing fewer cattle right now, and we’re backing up in the feedlots. We could see losses up to $500 dollars per head.”
He goes on to note the most significant stats from these projections is the over 20 percent loss to the industry as a whole and the magnitude felt across all sectors.
For more information click HERE.
For all updates on the Coronavirus and how it impacts Rural America, visit our Coronavirus outbreak hub.
