NOPA & USB Study on COVID-19 Losses for U.S. Soybean Crushers and Farmers

The COVID-19 pandemic created substantial losses of more than $4.7 billion for U.S. soybean farmers and crushers between January and June 2020. The National Oilseed Processors Association (NOPA) partnered with the United Soybean Board (USB) to commission the study, entitled COVID-19 Losses for U.S. Soybean Crushers & Farmers Report.

This 18-page study analyzes five key areas, including the macro-economic impact of COVID-19; direct impact on U.S. fuel and biofuel demand; U.S. livestock production and soybean crushing; loss of value to the U.S. soybean sector; and the sensitivity of world demand to different GDP growth rates. In addition to the $2.9 billion loss in soybean sales, there was a $1.5 billion loss of value for soybean oil (17.5% decline in value) and $220 million loss of value for soybean meal (1.4% decline in value), with the two components totaling $1.7 billion at a 7.2% decline in value.

For the Full Press Release click here.

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