US Farmers to Get First of $30 Billion Tranche for Downturn.

American farmers will soon start receiving the first tranche of $30 billion in funding approved by Congress to fight a downturn in the markets, according to Agriculture Secretary Brooke Rollins.

Speaking at the Commodity Classic event in Denver, Rollins said that the initial $10 billion in assistance should start moving in the next few weeks, adding that she asked her team to “think creatively” about how to make the application process for the funds to move quicker.

Farm income has been under pressure for the last three years after crop prices declined, while the cost of seeds, fertilizer and equipment kept going up. The US, known for being a global agriculture powerhouse, is also losing share in overseas markets and has never imported so much food.

Source: FINANCE.YAHOO