The United States Cattlemen’s Association released its full economic impact report of the COVID-19 pandemic on the U.S. cattle industry.
The report was put together by Brett Crosby of Custom Ag Solutions and Beef Basis Dot Com.
When compiling the numbers, they used existing market data and futures market data, coming up with the total actual and future impact forecast of $14.6 billion.
The analysis focused on three primary sectors of the cattle production chain, which are feedlot, backgrounding, and cow/calf.
“The impact of the COVID-19 pandemic on the U.S. cattle industry cannot be overstated,” says USCA President Brooke Miller. “This report highlights just how severe those losses will be. The report breaks out the steer and heifer price forecast, differentiates between spring and fall calves, and values stocker calves by marketing date rather than weight to account for the effect on operations that run grass calves and market in August.”
USCA’s COVID-19 Producer Task Force has spent the past month working with Congress and the administration on developing temporary, short-term relief for cattle producers experiencing losses related to the current coronavirus outbreak.