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Shining Light on Farm & Food Policy for 20 Years.
Monday, December 02, 2024
Department of Agriculture officials dropped corn used to produce ethanol by 375 million bushels in this month’s World Agricultural Supply and Demand Estimates report released Thursday, while raising corn, soybean, and wheat ending stocks.
Farmers could be getting to $15.5 billion in aid to offset the impact of the COVID-19 crisis. That total includes the $9.5 billion in aid earmarked in the Phase 3 economic stimulus bill, plus an additional $6 billion that USDA has remaining in its Commodity Credit Corp. account, according to Agriculture Secretary Sonny Perdue.
Requests for COVID-19 relief are piling up at USDA. The produce industry is the latest to weigh in, with proposals to USDA to provide up to $5 billion in payments to growers and dealers who were hammered by the loss of markets after restaurants, hotels and schools shut down.
Over 100 biofuel plants across the country are fully idling or cutting production rates as gas prices fall because people are staying at due to the COVID-19 outbreak and major oil producers feud over output.
Banks and Farm Credit System institutions continue to be frustrated by the rollout of the Paycheck Protection Program, the massive forgivable loan initiative that they are charged with handling on behalf of the federal government.
We’re now starting our fourth week of the COVID-19 national economic slowdown, and pressure is building on USDA to come to the rescue for a broad array of producers from coast to coast.
Today’s supposed to be the first day that farms and other small businesses can start applying for those forgivable loans that are intended to help employers cope with the COVID-19 crisis.
Advice continues to flow into USDA for how it should divvy up the $9.5 billion that was included in the $2 trillion stimulus bill for livestock, specialty crops and local agriculture.
