Ag Secretary Sonny Perdue confirmed that U.S. farmers will receive a third round of trade assistance this year to help producers with their 2019 losses. President Trump had hinted at additional aid during his address on Sunday at the American Farm Bureau national convention. However, Perdue says, “No maybe about it.” Looking ahead to 2020, the secretary doesn’t see a …
A Third of 2019 Farm Income Derived from Government Assistance
The overall 2019 farm income is projected to increase more than ten percent from last year, however much of the reason for the earnings growth is based on various assistance afforded to the agricultural industry. According to a report from USDA’s Economic Research Service (ERS), net farm income is forecasted at $92.5 billion for 2019, an increase of $8.5 billion …
USDA Awards Agricultural Trade Promotion Funding
Washington, D.C. (USDA) – U.S. Secretary of Agriculture Sonny Perdue announced today that the U.S. Department of Agriculture (USDA) has awarded $100 million to 48 organizations through the Agricultural Trade Promotion Program (ATP) to help U.S. farmers and ranchers identify and access new export markets. In May, President Trump authorized USDA to provide up to $16 billion in programs to support farmers, which …
Bankers: Farmers Want Trade Not Handouts
Following the president’s announcement of a $12 billion trade assistance package to farmers, the nation’s bankers echoed farmer sentiments, saying producers want free trade and not handouts. A Farm Journal report quotes ag lender Alan Hoskins as saying it’s far too soon to know how beneficial the aid will be. Hoskins did say one thing is clear; it’s not what …
Trade Assistance Details Still Being Worked Out
The Trump Administration announced its $12 billion plan to help farmers struggling under the escalating trade wars. Politico says there are still important details to be worked out, including just how much help farmers will get and how they’ll prove economic harm. More details are scheduled to come out after Labor Day. USDA Chief Economist Robert Johansson says soybean farmers, …