SIX POSSIBLE IMPACTS OF COVID-19 ON FARMING

1. Markets and farm prices. As we see growing levels of concern, recommendations for social distancing, reduced travel, avoiding crowds, closures, and other protective practices to slow the spread of COVID-19, consumers will be making tough choices about food, eating away from home, and overall spending. Dairy is prominently featured in out-of-home eating, and there may be some disruptions in food service sales. This will likely have an impact on markets and prices. There have also been bottlenecks at ports in other countries as ships wait to be offloaded with U.S. dairy and other farm products. The Chicago Mercantile Exchange has shut down floor trading of all products until “further notice,” though electronic trading will continue.