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Home / Business / Trumps farmers' bailout hit only $ 7.7 billion – but that doesn't give us any reason

Trumps farmers' bailout hit only $ 7.7 billion – but that doesn't give us any reason



<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "As Trump administration continues & nbsp; trading calls & nbsp; with China, the US Department of Agriculture (USDA) paid out a total of $ 7.7 billion to aid farmers to compensate for the impact of tariffs. "Data Reaction =" 1
5 "> Since the Trump administration continues negotiating with China, the US Department of Agriculture (USDA) has paid out a total of $ 7.7 billion to aid farmers to compensate for the impact of tariffs.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Help" was absolutely appreciated, "Blake Hurst , a & nbsp; soybean farmer and president of the Missouri Farm Bureau, told Yahoo Finance's On The Move. He noted that the money specifically helped at a time when farmers are renegotiating their loans and talking to lenders. " data-response time = "16"> The support was definitely appreciated, "Blake Hurst, a soybean and president of the Missouri Farm Bureau, told Yahoo Finance's On The Move. He noted that the money especially helped once when farmers renegotiated their loans and talking to lenders.

But Hurst added: "It is not enough in the sense that it in no way makes us entirely for what we suffer from this trade dispute. "

President Donald J. Trump, Carrying" Make Our Farmers Great Again! "Hats, goes from the Oval Office to the Board of the Marine One helicopter when he leaves South Lawn of the White House on Thursday, August 30, 2018 in Washington, DC. (Photo: Jabin Botsford / Washington Post via Getty Images)

& # 39; Many Things Can Happen & # 39;

<p class = "canvas text) – sm Mt (0.8em) – sm" type = "text" content = "When the commercial war took full effect in 2018, Trump administration issued two installments of one fined bailout program through USDA. Of the payments, which came to about 19459026, was $ 4.7 billion was paid in September, while the second round began in December . Although part of the bailout program & nbsp; struck a snag during the government's closure, the aid resumed without a problem after Congress and the White House reached an agreement. "data-reactid =" 39 "> When the commercial war took full effect in 2018, Trump administration promised two installments of a farmer's bailout program through the USDA, the first payout rate, which came to around $ 4.7 billion, was paid in September, while the second round started in December. Although part of the bailout program hit a bit during the government's suspension, the support was resumed without a problem after the Congress and White House reached an agreement.

<p class = "canvas- atom canvas text Mb (1.0em) Mb) – sm Mt (0.8em) – sm "type =" text "content =" Two days in trading calls bought China & nbsp; two million tons of American soybeans in a sign of good faith And on Friday, US agricultural secretary Sonny Perdue met & nbsp; that "the Chinese committed to buy another 10 million metric tons of US soybeans. … The strategy works. Show good faith of Chinese. Also signs of good news coming." "Data Reaction =" 40 "> Two days In trade negotiations, China bought two million tons of US soybeans in a sign of good faith, and on Friday, US agriculture secretary Sonny Perdue confirmed that "the Chinese committed to buy an additional 10 million metric tons of US soybeans. … The strategy works. Show of good faith by the Chinese. Also indications of more good news coming. "

<p class =" canvas component canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" The United States stated that the deadline for an agreement should be March 1 , although it cannot happen . Trump recently said he could extend the deadline while present tariffs were in place, and add & nbsp; March 1st "is not a magical date. Many things can happen." If no deal is reached, US tariffs on Chinese imports are scheduled to go & nbsp; from 10% to 25% of $ 200 billion worth of Chinese imports. "data-reactid =" 41 "> The United States stated that the deadline for an agreement should be March 1, although it cannot happen. Trump recently said he could extend the deadline while keeping current rates in place and adding that 1 . March "is not a magical date. Many things can happen. "If no deal is reached, US tariffs on Chinese imports will plan to go from 10% to 25% of $ 200 billion of Chinese imports.

" A huge demand and surplus of soybeans & # 39;

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "China has reportedly offered to buy an additional $ 30 billion a year off US agricultural products, according to Bloomberg . Hurst emphasized that this would probably not be exclusive to soybeans. "data-reactid =" 43 "> China has allegedly offered to buy another $ 30 billion a year from US agricultural products, according to Bloomberg. Hurst stressed that this would probably not be exclusive to soybeans.

" I suppose $ 30 billion will include other products in addition to soybeans, although we have a tremendous demand and excess of soybeans on hand, "Hurst said." I'm sure they're talking about maybe ethanol, maybe beef, maybe wheat, cotton too, so it are many agricultural products that can be included in the $ 30 billion, if that should happen. "

There is a great demand for American soybeans (Graphic: David Foster / Yahoo Finance)

<p class = "canvas component clay kst Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" The background that Hurst refers to is "19459046" US Soybean Inventory which is expected to achieve estimated 955 million bushels in 2019, almost twice as much as the year before. "data-reaction time =" 65 "> The background that Hurst refers to is the US soybean inventory, which is expected to achieve estimated 955 million bushels in 2019, almost twice as much as the year before.

Hurst said Current transfer is stored and can last a long time.

But, "hopefully, it doesn't and we get a chance to get them moved into the market," he said, noting that the transfer varies from year to year. "Part of the tremendous transfer is due to trade conflicts, and part of it is because we've had about five years of really good production here in the US. It's over the market, it's pushing prices, but it's not wasted."

However, Hurst said he will not make any changes to his business "until we see any actual purchases from the Chinese."

& # 39; We'll see what 2019 brings & # 39;

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Before the United States and China started their negotiations in December 2018, The proportion of US soybean exports to China 98% that year, this gave other countries such as Brazil & Russia and the opportunity to swoop in and take over the competition. 74 "> Before the United States and China started the conversation in December 2018, the share of US soybean exports to China fell 98% that year. This gave other countries, such as Brazil and Russia, the opportunity to wake up and take over the competition.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt em) – sm" type = "text" content = "" It was very difficult to sell soy here, "Russian said farm director Viktor Silokhin to the Wall Street Journal . Get conversations from China every day. "" data-response time = "75"> "It used to be very difficult to sell soy here," said Russian farm director Viktor Silokhin to Wall Street Journal "Now I get calls from China every day."

Billions of dollars have been used to help farmers. (Photo: Melina Mara / Washington Post via Getty Images)

<p class = "canvas -atom texttext Mb (1.0em) Mb (0) – Sm Mt (0.8em) – sm "type =" text "content =" This has made financial situations worse for American farmers who see a rise in bankruptcies . Soybean and pig prices both fell for retaliatory tariffs on US steel and aluminum. "Data-React =" 96 "> This has made economic situations worse for US farmers, who see an increase in bankruptcies. US Steel and Aluminum.

Billions in aid "was very helpful, especially for soybeans," said Gary Schnitkey, a professor of Farm Management at the University of Illinois, Yahoo Finance. He added that payments from the Market Facilitation Program (MFP) – The official name of the Trade Disput mitigation Program Administration of the USDA Farm Service Agency – had added about $ 1.65 to the price of each bushel of soybeans in Illinois.

"Adding a falcon price to around $ 8.50 [per bushel] in Illinois took the effective price up to $ 10.15 [per bushel]. Cash prizes in the two previous years were in the high $ 9 series. So the MFP payment got prices up to levels of previous years. "

<p class =" canvas-atomic text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" The & nbsp; price & nbsp; of soybeans per bushel in the US on February 19, 2019, is $ 9.0075. "data-reactid =" 99 "> The price of soybeans per bushel in the US from February 19, 2019 is $ 9,0075.

Treal concern is now 2019," Schnitkey added. "We currently have much lower soybean prices [and] rising costs. MFP payments backed in 2018 revenue. We want to see what 2019 brings."

<p class = "canvas text lorry text Mb (1.0em) Mb (0 ) – sm Mt (0.8em) – sm "type =" text "content =" Adriana is affiliated with editor of Yahoo Finance. Follow her on Twitter @ adrianambells . "data response = "101"> Adriana is affiliated with the editor of Yahoo Finance. Follow her on Twitter @adrianambells .

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