Agricultural News
NCBA Applauds USDA Relief Plan
Sat, 18 Apr 2020 07:33:43 CDT
National Cattlemen's Beef Association President Marty Smith issued the following statement regarding today's announcement related to USDA's plan for distribution of CARES Act funding.
"We appreciate Agriculture Secretary Sonny Perdue's announcement that the agency will soon distribute funding to the cattlemen and cattlewomen who desperately need help during this national emergency. We applaud USDA's work to quickly craft a plan to distribute the funds to those who need it most and we look forward to learning more about that plan very soon. America's cattle producers are facing unprecedented crisis after two market-disruptions in less than a year and this funding will provide the certainty needed to move forward with their work.
"Earlier this week, a study commissioned by NCBA, estimated that cow-calf producers stand to lose $8.1 billion as a result of the COVID-19 crisis, while the stocker/backgrounder sector losses will reach $2.5 billion and feedlot losses will total $3.0 billion as a result of the virus that is ravaging the American economy. Total industry losses are expected to reach $13.6 billion. While the relief funds that have been allocated to USDA by Congress represent a start to stabilizing the industry, there is much more work to be done to protect the cattle producers who are an essential component of the agriculture industry and the anchor for rural America."
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