Sources close to the president say another aid package aimed at helping producers hurt by the ongoing trade war with China could be announced as soon as Thursday. Bloomberg reports that the trade mitigation package, similar to the one implemented last year, could be as much as $15 billion dollars.
According to two people familiar with the proceedings, 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. The sources asked not to be identified because the plan hasn’t been made public.
While the payments last year were based on farmers’ current production, the basis will be modified, the people familiar with the plan said. The administration is considering basing payments on the acreage farmers plant this year and their historic yield of crops per acre, sources said. The administration last year paid $1.65 per bushel for soybeans, 14 cents per bushel for wheat and 1 cent per bushel for corn.