By Leah Douglas WASHINGTON (Reuters) – The U.S. Department of Agriculture is working with Congress to evaluate whether economic aid might be needed for the nation’s farmers this autumn amid trade disputes and record-high yields, Agriculture Secretary Brooke Rollins said on Monday. U.S. farmers have missed out on billions in soybean sales to China as […]
U.S.
USDA considering economic aid for farmers this fall, says secretary
Audio By Carbonatix
By Leah Douglas
WASHINGTON (Reuters) – The U.S. Department of Agriculture is working with Congress to evaluate whether economic aid might be needed for the nation’s farmers this autumn amid trade disputes and record-high yields, Agriculture Secretary Brooke Rollins said on Monday.
U.S. farmers have missed out on billions in soybean sales to China as stalled trade talks halt exports, and the USDA’s recent forecast of a record corn crop this autumn will likely weigh on a farm economy already saddled with low prices and rising fertilizer and seed costs.
Rollins pointed to inflation, high yields and the stalled talks with China as reasons for a year of projected losses for farmers.
“We are working with our colleagues in Congress and closely monitoring markets daily to evaluate the amount of additional assistance that might be needed this fall,” Rollins said at a conference of the National Association of State Departments of Agriculture in Rogers, Arkansas.
Rollins also said the USDA is reviewing fertilizer markets, “ranging from ensuring input suppliers are giving farmers a fair shake, to exploring options to provide relief.”
The first administration of President Donald Trump gave billions in aid to farmers to offset losses from a trade war with China that decimated some commodity exports.
(Reporting by Leah Douglas in Washington; Editing by Chizu Nomiyama and Matthew Lewis)