A new forecast from the University of Missouri Food and Agricultural Policy Research Institute calls for a 15 percent decline in net cash farm income this year. That’s despite record government payments of $33 billion. Large stocks of corn, soybeans and wheat will pressure commodity markets. COVID-19 related foodservice slowdowns and packing plant closures will negatively influence cattle and hog prices for the year. Restaurant and school closures have also pushed down milk and dairy demand. FAPRI says markets will continue to evolve under the threat of a re-emergence of coronavirus, supply chain disruptions are resolved and the economy begins to reopen.
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