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The Impact of COVID-19 on Iowa's Corn, Soybean, Ethanol, Pork, and Beef Sectors

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Abstract

In this study, we estimate the COVID-19 outbreak's revenue impacts on some of Iowa's largest agricultural industries. We estimate overall annual damage of roughly $788 million for corn, $213 million for soybean, over $2.5 billion for ethanol, $658 million for fed cattle, $34 million for calves and feeder cattle, and $2.1 billion for hogs. As more data become available and as the pandemic evolves, these estimates will certainly change, but for now they represent our best assessment of the impact on these industries.

Suggested Citation

  • Chad E. Hart & Dermot J. Hayes & Keri L. Jacobs & Lee L. Schulz & John M. Crespi, 2020. "The Impact of COVID-19 on Iowa's Corn, Soybean, Ethanol, Pork, and Beef Sectors," Center for Agricultural and Rural Development (CARD) Publications 20-pb28, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    • Handle: RePEc:ias:cpaper:20-pb28
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    Cited by:

    1. Mindy L. Mallory, 2021. "Impact of COVID‐19 on Medium‐Term Export Prospects for Soybeans, Corn, Beef, Pork, and Poultry," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 43(1), pages 292-303, March.
    2. Tamás Mizik & Lajos Nagy & Zoltán Gabnai & Attila Bai, 2020. "The Major Driving Forces of the EU and US Ethanol Markets with Special Attention Paid to the COVID-19 Pandemic," Energies, MDPI, vol. 13(21), pages 1-22, October.
    3. Qifeng Yang & Pingyu Zhang & Yuxin Li & Jiachen Ning & Nanchen Chu, 2023. "Does the Policy of Decoupled Subsidies Improve the Agricultural Economic Resilience?—Evidence from China’s Main Corn Producing Regions," Sustainability, MDPI, vol. 15(13), pages 1-23, June.
    4. Nesrein M. Hashem & Eman M. Hassanein & Jean-François Hocquette & Antonio Gonzalez-Bulnes & Fayrouz A. Ahmed & Youssef A. Attia & Khalid A. Asiry, 2021. "Agro-Livestock Farming System Sustainability during the COVID-19 Era: A Cross-Sectional Study on the Role of Information and Communication Technologies," Sustainability, MDPI, vol. 13(12), pages 1-24, June.
    5. Tougeron, Kévin & Hance, Thierry, 2021. "Impact of the COVID-19 pandemic on apple orchards in Europe," Agricultural Systems, Elsevier, vol. 190(C).
    6. Tomas Baležentis & Mangirdas Morkūnas & Agnė Žičkienė & Artiom Volkov & Erika Ribašauskienė & Dalia Štreimikienė, 2021. "Policies for Rapid Mitigation of the Crisis’ Effects on Agricultural Supply Chains: A Multi-Criteria Decision Support System with Monte Carlo Simulation," Sustainability, MDPI, vol. 13(21), pages 1-31, October.
    7. Serge Savary & Sonia Akter & Conny Almekinders & Jody Harris & Lise Korsten & Reimund Rötter & Stephen Waddington & Derrill Watson, 2020. "Mapping disruption and resilience mechanisms in food systems," Food Security: The Science, Sociology and Economics of Food Production and Access to Food, Springer;The International Society for Plant Pathology, vol. 12(4), pages 695-717, August.
    8. Rohitash Chandra & Yixuan He, 2021. "Bayesian neural networks for stock price forecasting before and during COVID-19 pandemic," PLOS ONE, Public Library of Science, vol. 16(7), pages 1-32, July.
    9. Cho, Seung Jin & Lee, Jun Yeong & Winters, John V., 2020. "COVID-19 Employment Status Impacts on Food Sector Workers," ISU General Staff Papers 202006080700001107, Iowa State University, Department of Economics.
    10. Xi He & Dermot J. Hayes & Wendong Zhang, 2021. "China's Agricultural Imports under the Phase One Deal: Is Success Possible?," Center for Agricultural and Rural Development (CARD) Publications 20-pb29, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    11. Padilla, Samantha & Schulz, Lee L & Vaiknoras, Kate & MacLachlan, Matthew, 2021. "COVID-19 Working Paper: Changes in Regional Hog Slaughter During COVID-19," Administrative Publications 327340, United States Department of Agriculture, Economic Research Service.
    12. Padilla, Samantha L. & Schulz, Lee & Schulz, Lee L. & Vaiknoras, Kate & MacLachlan, Matthew J., 2022. "COVID-19 Working Paper: Changes in Regional Hog Slaughter During COVID-19," ISU General Staff Papers 202202231802330000, Iowa State University, Department of Economics.
    13. Schmitz Andrew & Moss Charles B. & Schmitz Troy G., 2020. "The Economic Effects of COVID-19 on the Producers of Ethanol, Corn, Gasoline, and Oil," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 18(2), pages 1-18, November.

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