One hardly knows where to begin commenting on USDA’s $12 billion farm aid package designed to help farmers and ranchers financially blindsided by the POTUS’s trade war with China. The Market Facilitation Program is complicated but here are the highlights:
MFP includes $4.77 billion in direct payments to farmers. Soybean farmers get the lion share – $3.6 billion. On the other hand, the total allotted to corn farmers is $95 million. Pork producers fair little better at just over $290 million. Beef producers get zero. Soybean farmers will receive $1.65 a bushel, wheat producers 14-cents a bushel and corn farmers 1-cent a bushel on half of their production. Hog farmers get $8 a pig. For row crops, the money will not be paid till after harvest. And oh yeah, it’s capped at a maximum of $125,000 a farmer.
As Dave Dickey writes, U.S. grain and oilseed farmers, specialty crop growers and pork producers are hoping that China and U.S. leadership pull back their reins on the potential for a full-blown trade war that could cripple U.S. gross domestic product.
David MacLennan — chairman and chief executive officer of the Minnesota-based agribusiness Cargill Inc. — has broken from the privately held company’s typically low-key profile to support inclusive trade and immigration policy.
In one of his first major acts as president, Donald Trump signed an executive order Monday pulling the United States out of the Trans-Pacific Partnership – a move that the agriculture industry says will cost them more than $4.4 billion in revenue each year.