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.”