Economists: Coronavirus Will Cause Huge Damage to Iowa Ag Industry

DES MOINES, Iowa (AP) – A group of agriculture economists are estimating the coronavirus pandemic will cause billions of dollars in damage to Iowa’s crop and livestock industries.

In a report released Wednesday, the economists say the ethanol industry will see $2.5 billion in losses due to lower fuel demand and the state’s hog industry $2.1 billion in losses.

Damage to corn is estimated at $788 million, soybeans at $213 million and cattle $34 million.

The economists note the numbers will change as the pandemic evolves.