Market News & Headlines >> USDA Begins Second Round of MFP Payments
USDA this week will begin making the second round of 2019 market facilitation program payments to U.S. farmers suffering from damage due to unjustified trade retaliation.
Agriculture Secretary Sonny Perdue announced the new round of payments on Friday. “This second tranche of 2019 MFP payments, along with already provided disaster assistance, will give farmers, who have had a tough year due to unfair trade retaliation and natural disasters, much needed funds in time for Thanksgiving,” said Secretary Perdue.
The payments are part of a $16 billion aid package announced in May that includes $14.5 billion in direct payments to farmers to be paid in three separate tranches.
Farmers will now be eligible to receive 25% of the total payment expected, in addition to the 50% they already received in the first round of the 2019 package, the USDA said in a press release. The third tranche of aid will be evaluated as market conditions and trade opportunities dictate. If conditions warrant, the third tranche will be made in January 2020, USDA said.