Chad Hart, agriculture economist at Iowa State University, said many were surprised by how far and how quick the market dropped.
"What we'll see is a pull back in general in trade and a slowdown in economic activity. We've seen a considerable slowdown in the amount of freight moving around," Hart said. "There are some ports where the steel boxes are stacking up. The supply chain is for certain being affected."
Hart was interviewed on the March 20 Iowa Public Radio River to River show:
"Oil prices have been hit much harder than the general economy. The Dow, this year, is down nearly 30 percent, oil prices are down nearly 60 percent, and we're seeing the ethanol industry feel that squeeze."