USDA Calls Bloomberg Trade Aid Story “Inaccurate”

May 21, 2019 05:11 PM
 
USDA squashed Bloomberg trade aid rumors Tuesday afternoon.

A Bloomberg story outlining details of the pending trade aid program being put together by the Trump administration sent markets spiraling on Tuesday. 

According to the story, the administration is considering payments of about $2 per bushel to soybean growers, 63 cents per bushel to wheat growers and 4 cents per bushel to corn growers to compensate for losses from the trade war, according to two people familiar with the payment levels who asked not to be identified because the aid plan hasn’t been made public.

USDA squashed those rumors Tuesday afternoon with the following statement:

“Details on the new farming support program will be forthcoming shortly, but we want to be clear that the program is being designed to avoid skewing planting decisions one way or another. Farmers should continue to make their planting and production decisions with the current market signals in mind, rather than some expectation of what a farming support program might or might not look like based on inaccurate media stories.”

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Comments

 
Spell Check

sam
rural, WI
5/21/2019 06:20 PM
 

  This shows how fake news or wrong numbers put out by the usda can influence market direction.Just ways to screw farmers.

 
 
Rick
Jonesboro , AR
5/22/2019 06:57 AM
 

  Bloomberg with more "fake news". They just can't help themselves.

 
 
James Gibbons
Santa Fe, NM
5/22/2019 07:21 AM
 

  The USDA has had plenty of time to put together a farm aid program and should have had one out before farmers had to make decisions on growing season. Now, besides the Trade War we've got mud fields to content with.

 
 
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