The response to the coronavirus pandemic has brought the economy to a standstill. However, a new report from CoBank says COVID-19 highlights the critical importance of agriculture. This quarterly report considers all parts of the farm economy, including grain production. Commodity markets are under pressure, but retailers are still seeing pent-up demand for fertilizer and crop protection products. The collapse in crude oil has taken most of the demand out of the ethanol market. While cattle and hog prices have taken a hit, CoBank says the milk prices have suffered a sharp downturn due to school closings and a reduction in foodservice business.
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