The Agricultural and Food Policy Center at Texas A&M estimates some of the state's agricultural products could see losses of up to 40 percent.
The Agricultural and Food Policy Center at Texas A&M University has released a new report showing the economic impact the COVID-19 pandemic has had on production agriculture in Texas.
Since the beginning of the pandemic many agricultural commodity prices have dropped 20% to 30%, according to the report. Many Texas producers have already experienced losses, and if prices do not recover soon for livestock and prior to row crop harvest, they could easily see losses in the range of $6 billion to $8 billion – down 27% to 36% overall.
“Our goal in producing the COVID-19 Economic Impact to Texas Agriculture report was to frame agricultural issues related to the COVID-19 pandemic, as well as provide insights and discussion on how various production agriculture commodities in Texas were affected,” said Joe Outlaw, Texas A&M AgriLife Extension Service agricultural economist and co-director of the center.
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