Agriculture

Largest milk producer in U.S. files for bankruptcy

Dairy Pure milk truck
A milk truck pulls away from the Garelick Farms manufacturing plant in Lynn, Massachusetts. Photo: Jessica Rinaldi/The Boston Globe via Getty Images

America's largest milk producer, Dean Foods, is set to file for bankruptcy, CNN reports.

The big picture: The company has struggled to stay alive as U.S. demand for cow milk has dropped, in part due to a growing preference for non-dairy substitutes such as almond or soy milk. The company's stock fell 80% this year, having lost 7% in sales during the first half of 2019. Profits also plummeted by 14%.

U.S. to distribute $800 million in aid to southern farmers hit by 2018 hurricanes

A tractor going down a farm.
Photo: Wan Zhen/VCG via Getty Images

The federal government will distribute $800 million in aid to farmers in Florida, Alabama and Georgia that were hit by hurricanes Michael and Florence last year, the Department of Agriculture announced on Friday.

The big picture: The department will distribute the money in grants as part of a $3 billion disaster aid package approved by Congress earlier this year to help communities recovering from a variety of natural disasters. The aid will help agricultural producers in southern states "get back on their feet and prepare for next year’s planting and harvest," per Agriculture Secretary Sonny Perdue.