Different sectors of the fruit industry had highs and lows in 2020. Apples showed a smaller crop than usual, but cranberries did well due to increased retail juice sales. The wine and craft beverage sector was hit hard early in 2020 due to COVID-19 restrictions, but bounced back with the availability of online ordering and curbside pickup.
2020 is shaping up to be a potentially high-income year for some farmers across the country, especially given the latest round of Coronavirus Food Assistance Program (CFAP) payments. One tool that will likely come into play for fruit growers this year is the ability to depreciate 100% of the cost of new orchards.
The Coronavirus Food Assistance Program was designed to help compensate farmers for the market disruptions that occurred in the early stages of COVID-19. Read about the program and two notable exceptions for Northeast apple and potato growers.
Farm Credit East recently hosted a webinar featuring a panel of experts to discuss the Northeast's fruit and vegetables industries, and how COVID-19 has impacted markets. This post summarizes their discussion on a multitude of topics, including supply and demand, consumer preferences, costs, marketing and labor challenges, as well as future outlook predictions.
