Financial Help for Farmers
Two months after announcing its intentions to provide a new package to assist family farmers and ranchers coping with trade damages, the United States Department of Agriculture (USDA) released finalized details about the timing and calculation of direct payments to producers through the Market Facilitation Program (MFP).
The agency has earmarked up to $14.5 billion for the program to be distributed in three separate tranches. Eligible producers can submit applications for the first tranche now through December 6, 2019, and payments will be sent out starting in mid- to-late August.
Most commodity grain producers will be compensated based on a single county rate ranging from $15 to $150 per planted acre. For the first round of payments, they will receive a minimum of $15 per acre and up to 50% of the county rate.
In contrast, dairy producers will receive 20 cents per hundredweight based on historical production. Additional relief for hog and specialty crop producers will be available as well.