The pandemic follows several years of low prices. 'There will be some farms that won’t survive, and that's the sad reality,' one Iowa banker said.
With soybean prices around $7.85 a bushel, Bardole said he could lose about $100 an acre, based on his average yields. With corn prices close to $3, he could see a loss of about $130 an acre.
About two-thirds of the 400 farmers that Purdue University surveyed in April said they were worried or very worried about their farms' profitability, given the impact of the pandemic. "Things really looked like they were turning around," Bardole said."We thought prices would get back where we needed them. COVID-19 has thrown a monkey wrench into it. It looks different now than in January, and it will look different this fall. Who knows now if it will be better or worse.". Agriculture groups and Midwestern congressional leaders say farmers also need to be included in the next package of U.S. business assistance.
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