USDA expects deals on farmer aid, Chinese soy buys within weeks

The Trump administration expects to announce an aid package for US farmers within two weeks and a deal on Chinese soybean purchases, US Agriculture Secretary Brooke Rollins said on Monday, without providing further details.

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The administration of President Donald J. Trump has said for months that it would issue aid for farmers hit by low crop prices and trade disputes but has not yet issued any plan or amount for the aid. US farmers lost billions in soybean sales this year as top buyer China turned to Brazil and Argentina amid tense trade talks with Washington.

“We'll have an announcement probably in the next week or two on what that’s going to look like,” Ms. Rollins, the head of the US Department of Agriculture (USDA), told CNBC of the farmer aid.

The American Farm Bureau Federation said on Monday that the aid is “urgently needed” as farmers face the compounding pressures of higher input costs and lower crop prices.