From the Ground Up: Coronavirus Causes Plummet in Commodity Prices
BRYAN, Texas (KBTX) - When you’re an agricultural producer, you face challenges every year, but with this year’s growing season only about half over, and a damaging hailstorm already on the books, many are anxious about what adversity they could be facing next. John Malazzo grows corn and cotton in Burleson County.
“All of our commodity prices have declined substantially and what we’re hoping, we’re still young in the season so we’re hoping that we can have a good crop to overcome some of that price decline and also we still have time for the price to come back. We’re hopeful that trade gets back on track and we can develop some markets overseas to help us get this price up.”
Malazzo says by now he’s usually marketed his corn and cotton.
“We always try and get our price locked in as soon as we get our crop planted so we’ll know how to treat our crop but this year there has not been an opportunity yet to get to a profitable level. We’re hoping that changes by harvest time. It’s changed our marketing strategy a little bit because of the timing of the market crash. So, once the economy gets rolling again, we hope that the cotton, corn, and cattle market follows.”
Malazzo emphasized that farmers are used to encountering obstacles and challenges every year.
“That’s one of the parts of farming that I like is that you are always challenged, whether it’s by the weather or the markets or labor or whatever and that’s why I like Thanksgiving so much is because you have a chance to look back and say hey, we made it work in spite of everything and that’s a great feeling. There’s nothing like being in production agriculture. I was born doing it and I’ll die doing it.”
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