USDA has announced details of its farm assistance program to offset the impact of trade retaliation. The first installment of payments to farmers will total $6.3 billion, with the Market Facilitation Program providing payments totaling $4.7 billion. Initial payment rates are set at $1.65 per bushel for soybeans, one cent per bushel for corn, $8.00 per head for hogs and 12 cents per hundredweight for dairy. Enrollment is set to begin September 4. If a second payment period is warranted, the aid package will be determined by the USDA. In addition, the Food Purchase and Distribution Program purchase up to $1.2 billion in commodities. Included on the purchase list are pork, dairy, beef, kidney beans, navy beans and potatoes. A $200 million Trade Promotion Program will be made available to develop foreign markets for U.S. agricultural products. Full details about all three programs can be found in the USDA press release.
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