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Virus will cause billions in damage to Iowa ag industry, economists say

From the ethanol industry to the hog industry, Iowa is expected to see extreme losses due to the coronavirus pandemic.
Credit: CNN

A group of agriculture economists are estimating the coronavirus pandemic will cause billions of dollars in damage to Iowa's crop and livestock industries.

In a report released Tuesday, the economists say the ethanol industry will see $2.5 billion in losses due to lower fuel demand and the state's hog industry $2.1 billion in losses.

The report comes from Iowa State University's Center for Agriculture and Rural Development.

Damage to corn is estimated at $788 million, soybeans at $213 million and cattle $34 million.  

The economists note the numbers will change as the pandemic evolves.

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