Economics 101 for farmers - Most farmers pay little heed to market prices

Kieran Coughlan: "Most farmers carry on their normal farming business as best they can, and take whatever price they are given; after all, prices remain largely outside of their control." Photo: iStock

What are the long term implications for farming arising from the Covid-19 pandemic?

Will beef prices remain flat indefinitely, will milk prices hold up, and are their opportunities for farmers to diversify?