As expected, USDA announced the second round of Market Facilitation Payments (MFPs) yesterday. They are more generous than expected and can reach up to $150/acre in some counties. Per USDA, such assistance is “based on a single county payment rate multiplied by a farm’s total plantings of MFP-eligible crops in aggregate in 2019.” Following are the details:
The eligible crops are the basic commodity program crops, including sesame. Per-acre payments are not dependent on which of the eligible crops are planted in 2019. A producer’s total payment-eligible plantings cannot exceed total 2018 plantings. Producers who filed prevented planting claims and then planted an MFP-eligible cover crop qualify for a $15/acre pa...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...