More details of USDA’s aid package for farmers are expected to unfold later this month. University of Missouri Food and Agriculture Research Policy Institute Director Pat Westhoff expects soybean farmers to get $4.3 billion in direct payments out of the administration’s $12 billion assistance plan. “We don’t know what the payment rates are going to be. The $4.3 billion is just an estimate of what it would be if the payment rate were $1 per bushel and the crop is 4.3 billion bushels as USDA projected last month and the exact procedure USDA is going to use to establish a payment rate isn’t public at this time.” Westhoff says the market facilitation payments are the most important part of USDA’s program.
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