Trump to announce $13 billion in farm aid on Thursday: source


2/2
© Reuters. FILE PHOTO: A farmer’s corn harvesting combine is seen during the corn harvest in Eldon, Iowa

2/2

WASHINGTON (Reuters) – U.S. President Donald Trump will announce a new round of pandemic aid to farmers of about $13 billion (10.02 billion pounds) at a campaign rally in Wisconsin on Thursday night, a source familiar with the situation told Reuters.

Wisconsin, whose dairy and farming sector has been hard hit by both the White House’s trade policies and the COVID-19 pandemic, is a battleground state in the presidential race.

Trump’s upset victory over Democrat Hillary Clinton in Wisconsin in 2016 was by less than 1% of the vote – and marked the first time the state had voted for a Republican in a presidential election since 1984.

Trump was expected to speak at a rally in Mosinee, a rural Wisconsin town, at 9 p.m. EDT on Thursday. His trip to Wisconsin – nicknamed America’s Dairyland for its milk and cheese industries – is on the same day state officials reported 2,034 new COVID-19 cases, a record one-day increase.

While the number of new COVID-19 cases reported in the United States fell 15% last week from the previous week, cases are rising in some rural states whose economies rely on the farm sector, according to a Reuters analysis.

Trump in April announced a $19 billion relief program to help U.S. farmers cope with the impact of the coronavirus, including $16 billion in direct payments to producers and mass purchases of meat, dairy, vegetables and other products.

It was not immediately clear which U.S. farmers would benefit from the new round of aid, or what funding source would be tapped.

READ  Grubhub stock jumps after announcing nationwide Dunkin' delivery

China’s demand for U.S. corn and soybeans has been unrelenting in recent weeks, and it is importing more meat amid a potential food supply gap.

The flurry of export sales, along with extreme weather and sprawling drought across the U.S. Midwest this summer, has sent soybean prices to the highest seen in two years.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here