Farm Journal Washington Correspondent Jim Wiesemeyer says the second MFP 2 installment has been authorized. He says it is expected to be disbursed later this month or early December.
Wiesemeyer reports USDA Secretary Sonny Perdue made the announcement during a press conference on Thursday. Wiesemeyer said Perdue revealed the White House and Office of Management and Budget (OMB) cleared another round of Market Facilitation Program (MFP 2) payments and said the money should go out to eligible farmers later this month or early December.
The second installment will total $3.625 billion. That's the same figure for a possible third installment being considered that would go out in January or early February.
Undersecretary Bill Northey announced earlier this week that MFP 2 first installment payments now total $6.7 billion to $6.8 billion out of an expected $7.25 billion. Iowa, Illinois, Minnesota, Texas, and Kansas are the top states to get aid.
Wiesemeyer says Northey also mentioned hurdles in accelerating any third MFP 2 installment due to the cash-flow problems in agriculture. He said the MFP has "a schedule that is hard to disrupt as well as they're not supposed to be about disaster, they're supposed to be about trade and so, in theory, we need to be able to have a look at what the trade situation is coming January. I think it's unlikely that we're going to be able to move that third payment forward."