A key input into estimates of economic damage resulting from the COVID-19 pandemic is the role of payments by current farm safety net programs. This article illustrates their importance using a price estimate on May 5 to evaluate COVID-19 impacts on revenue and safety net payments for corn and soybeans. Combined corn and soybean revenue is projected down by $8 billion across the United States, a decline of 9%. These estimates are for crop produced in 2020, and do not include losses on 2019 crop, or potential losses on crops after 2020. Estimates, obviously, are preliminary as prices could change. Moreover, economic damages will be farm specific, and will depend on many factors.
|Original language||English (US)|
|Specialist publication||farmdoc daily|
|Publisher||Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign|
|State||Published - May 6 2020|
- severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2)
- Novel coronavirus