Source: POLITICO'S MORNING AGRICULTURE, 4/8/20

The drop in commodity futures has crushed every corner of agriculture, though some sectors like cotton, dairy, ethanol and livestock have taken an especially hard hit, according to analysis from the American Farm Bureau Federation.

Crop carnage: The price of May corn futures has dropped by 15 percent since mid-January, amid projections of massive 2020 corn planting and freefalling ethanol demand. May cotton futures are down to 53 cents per pound, a loss of nearly 30 percent, stemming from the slowdown in manufacturing capacity around the world.

On the livestock side, June live cattle and lean hog prices have each dropped by more than 30 percent since Jan. 14. Prices of Class III and Class IV milk — used to produce cheese and nonfat dry milk, respectively — are down 28 percent and 34 percent, prompting a number of dairy farmers to dump their milk.

Silver linings? Soybean futures prices have dropped just 10 percent over the same period, and wheat prices have held up relatively well due to higher demand for wheat-based products at grocery stores and large Chinese purchases.

Another egg-ception: At the retail level, wholesale egg prices have more than tripled as shoppers stock up at grocery stores, The Wall Street Journal reports.