New USDA Spot Market Program to Dispurse $50 Million to Pandemic-Impacted Hog Farmers

Hog farmers who were forced to sell at pandemic-depressed prices on the spot market last summer may soon be eligible for pandemic aid, the USDA announced Monday. The $50 million announced will add to the roughly $7 billion has been paid to farmers and ranchers since the Biden administration revamped the coronavirus relief programs in March of this year to focus more on fringe producers such as specialty crop or socially disadvantaged farmers. The all-new Spot Market Hog Pandemic Program will pay farmers $54/head up to 10,000 hogs sold at depressed prices between April 16 and September 1, 2020. U.S. Ag Secretary Tom Vilsack first referenced the spot market payments in July this year, saying research pointed to small hog farmers bore a disproportionate share of losses due to the depressed prices.

Read more on spot market hog payments here.