Ag Leaders Discuss Devastating Impact Coronavirus Has on Commodity Prices

Since the outbreak began, the price of wheat has fallen three percent, corn 15 percent, soybeans 10 percent and ethanol 38 percent.

FARGO, N.D. – Leaders in the agriculture industry are discussing the massive impact the coronavirus has on commodity prices.

Since the outbreak began, the price of wheat has fallen three percent, corn 15 percent, soybeans 10 percent and ethanol 38 percent.

House Agriculture Committee Chairman Congressman Collin Peterson says that the economic impact on ethanol is massive and he is unsure if the industry will recover without serious intervention.

He was also concerned with China’s lackluster effort in the phase one trade agreement.

“It’s a resilient group of businesses out there and farmers, it’s a great group to work with,” said Steve Connelly, the VP of Midwest Agriculture RDO, “Looking towards the future, it’s uncertain, but you know the sooner this pandemic gets under control, and the wheels start turning in the other sectors of the economy, there are a lot of positives to look at.”

Connelly says that trade agreements between Mexico, Canada, Japan and China do offer some hope once the economy starts to re-open.

Categories: Agriculture, Business, Coronavirus, Local News