The second round of Market Facilitation Program payments will likely look similar to the initial payments. “I’ve been trying to encourage the agency to consider basis in the second payments,” said North Dakota Senator John Hoeven. “USDA is trying to figure something out, but it’s complicated to make basis changes state-by-state.” In the current round of MFP payments, soybean farmers receive $1.65 per bushel, corn farmers receive one cent per bushel and wheat growers receive 14 cents per bushel on half of their actual production. Hoeven acknowledges farmers would like to see additional assistance, but “based on USDA’s export impact model, payments will look similar to the first half.” The next round of MFP payments are set to take effect in early December.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.