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Friday’s announcement that the Trump Administration is increasing the tariffs on $200 billion worth of Chinese goods, and China’s retaliatory tariffs, could not have come at a worse time for corn farmers, bringing more uncertainty to markets and impacting commodity prices.
In an effort to ease this impact, the Administration is now pursuing a second round of trade assistance for agriculture with the intent of making an announcement in the next few days. As you’ll recall, the previous Market Facilitation Program (MFP) payment rate for corn farmers was just one cent per bushel.
On top of trade disputes and tariffs, EPA granting RFS waivers to oil refiners, devastating weather conditions, farm incomes on a downward trend, and crumbling infrastructure have all created a perfect storm for agriculture.
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