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NPPC: COVID-19 Could Cost Pork Industry $5 Billion | KTIC Radio

NPPC: COVID-19 Could Cost Pork Industry $5 Billion

NPPC:  COVID-19 Could Cost Pork Industry $5 Billion
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The impact of COVID-19 could cost the pork industry a collective five-billion dollars in losses through the end of this year. National Pork Producers Council President A-V Roth from Wisconsin says the suspension of pork packing plant operations and rising employee absenteeism due to COVID-19 has exacerbated an existing harvest facility capacity challenge due to a labor shortage in rural America…

The suspension of pork packing plant operations and rising employee absenteeism due to COVID-19 has exacerbated a problem for pork producers. With limited harvest capacity, a surplus of pigs exists. Michael Formica – National Pork producers Council Assistant Vice President, Domestic Policy – says they have been working with E-P-A on ways to keep the backlog of hogs on farms….

An economist with Iowa State University estimates that hog farmers will lose nearly $37 per hog for each hog marketed for the rest of the year. Dr. Dermot Hayes calculations point to a five billion dollar impact collectively this year. National Pork Producers Council Vice President of Industry Relations Dallas Hockman says they are asking USDA for immediate help, particularly a one billion dollar purchase of pork products that were headed for the foodservice sector…

Roth says the pork industry is based on a just-in-time inventory system. Hogs are backing up on farms with nowhere to go, leaving farmers with few choices. He’s asking the federal government to make equitable support payments to all pork producers, and make farmers eligible for the Economic Injury Disaster Loan program.

Read more on this here:  http://nppc.org/hog-farmers-face-covid-19-financial-crisis/.

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