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Pork Producers Facing $5 Billion in Losses

With an estimated two million hogs nonetheless backed-up on farms, the nation’s pork producers are going through $5 billion in losses and the National Pork Producers Council (NPPC) is urging Congress to behave swiftly to protect their livelihoods.

“Many U.S. hog farmers will not survive this crisis,” stated NPPC President Howard “AV” Roth, a hog farmer from Wauzeka, Wisconsin, throughout a press name on Monday. “As the Senate begins work on the next COVID relief package, we urge lawmakers to provide a critical lifeline to hog farmers across the nation to minimize what has already been significant damage to our producers.”

According to an evaluation by Dr. Steve Meyer, an economist with Kerns & Associates, based mostly on lean hog futures costs on March 1 and July 10 and precise hog costs in the interim, potential 2020 income from hog gross sales has been lowered by roughly $4.7 billion. Other losses related to euthanasia, disposal and donation of pigs with no market outlet and inadequate house to carry them imply U.S. pork producers have misplaced almost $5 billion in precise and potential earnings for 2020 and people losses are anticipated to proceed into 2021.

Earlier this month, Sens. Jim Inhofe (R-Okla.), Richard Burr (R-N.C.), Joni Ernst (R-Iowa), Chuck Grassley (R-Iowa) and Thom Tillis (R-N.C.) launched the RELIEF for Producers Act of 2020, offering compensation for farmers who’re pressured to euthanize or donate animals that may’t be processed into the meals provide on account of COVID-19, amongst different provisions. NPPC strongly helps this laws, in addition to further federal help championed by Rep. Collin Peterson (D-Minn.), and urges Congress to shortly handle this unprecedented disaster plaguing pork producers.

Roth and Meyer participated in a press convention on Monday, with further feedback from NPPC CEO Neil Dierks and Nick Giordano, NPPC Vice President and Counsel, Global Government Affairs.

Listen to the decision:
NPPC press call 7-20-20

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