STRAIGHT TALK FROM STEVE
Before we officially enter into the summer months, let’s give Nebraska’s agricultural economy a check-up, so is time to take an honest look at how Nebraska’s agricultural economy is really doing this year.
Last week the Farm Bureau’s chief economist, Jay Remke, released his own assessment of how Nebraska’s agricultural economy is doing. According to Remke, the outlook is not good. Remke warned that Nebraska’s farms and ranches stand in danger of losing 3.7 billion dollars this year. The primary culprit for these losses being the COVID-19 restrictions.
To break it down, Remke estimates that the beef cattle sector of the economy could lose one billion dollars alone. Corn and soybean losses could total 1.2 billion dollars, and ethanol stands to lose another 1.3 billion dollars. Pork stands to lose 166 million dollars, dairy could lose 66 million dollars, and wheat could lose 9 million dollars. So, Remke’s outlook for Nebraska’s agricultural economy is not good for this year.
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