New CARD study shows $2 billion loss for Iowa’s ethanol industry from COVID-19

In Iowa, a new study by the Center for Agricultural and Rural Development at Iowa State University projects economic impacts of the COVID-19 outbreak will mean steep losses for Iowa agriculture, including over $2 billion each for the hog and ethanol sectors, if the disease and social distancing policy impacts hold throughout the year.

The new CARD analysis, “The Impact of COVID-19 on Iowa’s Corn, Soybean, Ethanol, Pork, and Beef Sectors,” shows potential losses in every examined agricultural sector. The study finds potential damage of $34 million for calves and feeder cattle, $213 million for soybean, $658 million for fed cattle, $788 million for corn, $2.1 billion for hogs and over $2.5 billion for ethanol. The ethanol and hog industries are likely to be especially hard-hit.