Farm Bureau estimates $1 billion in ag losses

    A new analysis by the Nebraska Farm Bureau estimates the retaliatory tariffs imposed by countries on U.S. agricultural exports will cost Nebraska producers $943 million in lost revenues in 2019.
    The projected losses would be in addition to tariff-related losses in farm level income estimated between $695 million to $1.026 billion in 2018.
    The “Nebraska Farm and Ranch Losses from Retaliatory Tariffs 2019 Estimates” analysis was conducted by Nebraska Farm Bureau Senior Economist Jay Rempe as a way to provide an assessment of losses independent of the Market Facilitation Program (MFP) assistance available to farmers to offset trade associated losses.
    “We appreciate the Administration’s ongoing support for America’s farm and ranch families, but this analysis shows just how critical it is that we resolve the prolonged trade conflicts,” said Steve Nelson, Nebraska Farm Bureau president, Sept. 3.
    The analysis indicates Nebraska soybean and corn growers will likely see the greatest cumulative losses.
    Export losses of beef, hides and skins, ethanol and other by-products of Nebraska’s processing industries were not included in the analysis, but according to Rempe, losses in those areas would also impact producers’ bottom lines.
    In terms of losses on a county-by-county basis, Cuming County is the most impacted county with estimated trade losses exceeding $48 million. Custer, Dawson and Lincoln Counties followed with losses exceeding $32 million.
    The report shows Chase County could be affected with $18.8 million in estimated losses.
    The full analysisis available at www.nefb.org.