Farm Bureau on the projected decade-low cash receipts

Following a sharp downturn in commodity prices amid COVID-19, farm cash receipts are forecasting to hit a decade-low in 2020. That is according to USDA’s most recent farm income projection.

American Farm Bureau’s chief economist, John Newton, speaks with RFD-TV’s own Janet Adkison on this decline and what is contribute to it. “Well obviously, COVID-19 and the demand disruption that we saw there was a result of the lower commodity prices, lower livestock prices, lower corn prices. Cash receipts for broilers was down 23 percent, cash receipts for hogs is down 16 percent,” he said. “Just about every commodity outside of specialty crops, and maybe hay, expected to see lower cash receipts this year.”

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