According to American Farm Bureau Federation Chief Economist John Newton, the USDA is trying to get farmers the support they need to get through the COVID-19 pandemic. The agency is working on another round of assistance, but what that looks like is an unknown. “We look forward to engaging with the USDA as they begin to roll out a CFAP 2.0 sometime after September 11.” There are unknowns regarding these future government payments. “The second economic stimulus package is still being debated and it may come in a continuing resolution at the end of the month,” says Newton. “Ad-hoc doesn’t necessarily come as soon as you need it. Farm programs are lagging a little bit and I think bankers are starting to look ahead at next year, saying let’s pencil out the balance sheet. How do we make planting corn and soybeans work if demand doesn’t accelerate enough to get to the other side of the COVID-19 pandemic?”
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