The University of Missouri’s Food and Agricultural Policy Institute’s latest economic analysis projects net farm income for 2020 to decline by $20 billion. Nebraska Farm Bureau Senior Economist Jay Rempe says that reflects the added impact of the COVID 19 pandemic to an already depressed ag sector.
The FAPRI numbers also project crop farmers to see $11.85 billion in lower revenue in 2020 and all livestock sectors combined to see a $20.24 billion drop in receipts for the year. Rempe says that’s not surprising given with what’s been happening in rural America.
He says figures he’s compiled in Nebraska also agree with the projections just put out by FAPRI.
The analysis from FAPRI comes out as the USDA is working on an aid package for farmer and ranchers in response to the initial market collapses tied to the coronavirus.
