US coronavirus stimulus bill adds billions in support for farmers

US coronavirus stimulus bill adds billions in support for farmers

Soybeans are harvested from a field on Hodgen Farm in Roachdale
Soybeans are harvested from a field on Hodgen Farm in Roachdale, Indiana. REUTERS/Bryan Woolston/File Photo

CHICAGO: The US coronavirus stimulus bill that US senators will vote on would add US$14 billion to the Agriculture Department’s Commodity Credit Corp spending authority and authorise an additional US$9.5 billion to help livestock producers, dairy farmers, specialty crop farmers and local agricultural groups, according to a copy of the bill's text.

The Commodity Credit Corporation (CCC), which was established during the Great Depression nearly a century ago, has been tapped by the Trump Administration for nearly US$30 billion in recent years to compensate farmers and assist the sector due to the US-China trade wars.

The additional spending authority to CCC, which was replenished already with the current federal budget, would open the door for the Agriculture Department to make a third round of Market Facilitation Programme payments, or trade aid, this year.

Source: Reuters

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