zerohedge.com / by Tyler Durden / Oct 5, 2016 6:30 PM
The USDA has announced it will pay $7 billion in “Agriculture Risk Coverage” and “Price Loss Coverage” (aka “subsidy”) payments to farmers this year as prices for most agricultural products, particularly corn, have remained depressed. At $7BN, subsidy payments will be equal to roughly 10% of the USDA’s forecast for aggregate farm income in 2016. Farm subsidies this year are up 35% versus the $5.2BN paid under the ARC/PLC programs last year.
While farmers of many different agricultural commodities receive support payments, as you can see from the payments by crop type made last year, the overwhelming majority of farm subsidies go to Midwest corn farmers.
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