Title page
Contents
Abstract 2
Acknowledgements 2
Summary 5
Introduction 7
CFAP 1 Payments 7
Unpriced Inventory, 2019-20 11
Cash Market Impacts 15
Conclusion 23
References 24
Appendix 25
Table 1. CFAP 1 rates, total U.S. farm crop cash receipts in 2020, and share of total crop cash receipts (select commodities) 8
Table 2. Total CFAP 1 production-limited and inventory applications (select commodities), 2020 9
Table 3. Production-limited payments, CFAP 1 (select commodities), 2020 10
Table 4. Inventory payments, CFAP 1 (select commodities), 2020 10
Table 5. 2020 cash price declines and CFAP 1 (select commodities) 22
Figure 1. Cumulative Coronavirus Food Assistance Program: Round One (CFAP 1) payments, 2020 8
Figure 2. Share of operations with positive amount of unpriced inventory, post-harvest 2019 11
Figure 3. Median unpriced inventory quantity held by corn, soybeans, and wheat producers, by farm size, measured in gross cash farm income increments,... 12
Figure 4. Share of operators with unpriced inventory who used a portion as loan collateral, post-harvest, 2019 13
Figure 5. Share of operators with unpriced inventory who used a portion as loan collateral by farm size, measured in gross cash farm income increments,... 14
Figure 6. Total unpriced inventory broken down by inferred CFAP 1 eligibility, post-harvest 2019 15
Figure 7. Declines in county average corn cash prices between the weeks of January 13 and April 6, 2020 16
Figure 8. Change in the county average corn basis between the weeks of January 13 and April 6 (top panel: 2020; bottom panel: 2017-19 average) 17
Figure 9. Declines in county average soybean cash prices between the weeks of January 13 and April 6, 2020 18
Figure 10. Declines in county average spring wheat cash prices between the weeks of January 13 and April 6, 2020 19
Figure 11. Change in the county average soybean basis between the weeks of January 13 and April 6 (top panel: 2020; bottom panel: 2017-19 average) 20
Figure 12. Change in the county average spring wheat basis between the weeks of January 13 and April 6 (top panel: 2020; bottom panel: 2017-19 average) 21
Figure A.1. Unpriced inventory module, Agricultural Resource Management Survey 2019 25