USDA Announces Plans for 2nd Round of MFP Funds
On Thursday, November 7th, U.S. Department of Agriculture (USDA) Secretary Sonny Perdue made it known that the department would soon deliver on the second tranche of trade assistance to farmers later this month or in early December. This assistance to farmers, known as the Market Facilitation Program (MFP) provides funds to farmers negatively impacted by crop market price declines led by ongoing trade disputes primarily with China.
While reports out of Washington indicate a “phase 1” trade agreement between the U.S. and China will be signed before the end of the year, it’s not clear when the markets and flow of trade will return to normal levels. When the MFP round two program was announced in July, Secretary Perdue indicated that it would consist of three tranches, the third of which would be issued in early 2020 should market conditions present a need for the assistance.