USDA offers additional support to hog producers
The US Department of Agriculture (USDA) announced a new program to assist hog producers who sold hogs through a negotiated sale during the period in which they faced the greatest reduction in market prices due to the Covid-19 pandemic.
The Spot Market Hog Pandemic Program (SMHPP) is part of USDA’s Pandemic Assistance for Producers initiative. Its aim is to address gaps in previous assistance for hog producers.
The program provides assistance to hog producers who sold hogs through a negotiated sale from 16 April 2020 through to 1 September 2020.
The term ‘negotiated sale’ means a sale of hogs by a producer to a packer under which the base price for the hogs is determined by seller-buyer interaction and agreement on a delivery day. USDA is offering SMHPP as packer production was reduced due to the COVID-19 pandemic due to employee illness and supply chain issues, resulting in fewer negotiated hogs being procured and subsequent lower market prices.
The Department has set aside up to $50 million in pandemic assistance funds through the Coronavirus Aid, Relief and Economic Security (CARES) Act for SMHPP.
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