NCGA says COVID-19 could cut corn revenues by $50 per acre

In Washington, analysis released by the National Corn Growers Association showed cash corn prices have declined by 16 percent on average, with several regions experiencing declines of more than 20 percent, since March 1 as a result of the COVID-19 pandemic. The analysis projects a $50 per acre revenue decline for the 2019 corn crop.

NCGA commissioned the economic analysis, conducted by researchers at the University of Illinois, as part of the organization’s efforts to better understand the economic impact of the global pandemic on the corn industry and work to create solutions to help corn farmers and their customers recover from the financial impacts of this crisis.

The analysis was based on cash corn prices as of mid-April and estimated losses would likely increase through the rest of the marketing year. Further analysis is already underway for the 2020 crop year, with losses anticipated to be higher than those in 2019.