Sen. Chuck Grassley, R-Iowa, told reporters in a weekly call Tuesday that low commodity prices right now likely mean Agriculture Secretary Sonny Perdue will soon need to use that new funding authority Congress provided in the stimulus package last week, reports the Progressive Farmer.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides Perdue with $14 billion more in funding authority for the Commodity Credit Corp.
Grassley noted cash corn prices at his local grain elevator were at $2.92 a bushel on Tuesday morning, and he expects there will be a separate, new payment similar to the Market Facilitation Program.
