June 15, 2020
On Friday, the USDA issued a Federal Register notice, clarifying a handful of provisions in the Coronavirus Food Assistance Program, which provides direct payments to farmers impacted by the COVID-19 crisis and was issued last month. Among the changes, USDA clarified CFAP payment calculations for livestock, including the calculations based on unpriced livestock sales from Jan. 15 to April 15, and those based on livestock inventory owned between April 16 and May 14.
Under the change, the swine provisions now read as: "Payments for hogs and pigs will be equal to the sum of the results of the following two calculations: (1) Unpriced hogs and pigs sold between Jan. 15 and April 15, multiplied by the CARES Act payment rate in paragraph (h) of this section; and (2) Hog and pig inventory owned between April 16 and May 14, multiplied by the CCC payment rate in paragraph (h) of this section." Read the Federal Register notice here.
CFAP includes $3 billion in planned agricultural product purchases and $1.6 billion in direct payments to hog farmers. NPPC continues to advocate for solutions to sustain pork producers through a crisis that, without additional government intervention, will likely lead to consolidation and contraction in a highly competitive farm sector.
Source: National Pork Producers Council, which is solely responsible for the information provided, and wholly owns the information. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.
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