© Reuters. FILE PHOTO: Soybeans are harvested from a field on Hodgen Farm in Roachdale
CHICAGO (Reuters) – The U.S. coronavirus stimulus bill that U.S. senators will vote on would add $14 billion to the Agriculture Department’s Commodity Credit Corp spending authority and authorize an additional $9.5 billion to help livestock producers, dairy farmers, specialty crop farmers and local agricultural groups, according to a copy of the bill’s text.
The Commodity Credit Corporation (CCC), which was established during the Great Depression nearly a century ago, has been tapped by the Trump Administration for nearly $30 billion in recent years to compensate farmers and assist the sector due to the U.S.-China trade wars.
The additional spending authority to CCC, which was replenished already with the current federal budget, would open the door for the Agriculture Department to make a third round of Market Facilitation Program payments, or trade aid, this year.
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