Soybean harvesting begins soon, with the new market year (9/1-), and it was thought by some observers that as China would have to eventually access American soybeans, so prices would recover. That event has not occurred.
American soybeans continue to sell at a substantial discount, as shown here:
Nor have hog prices recovered.
While the administration has announced some amount of $12 billion support, only a part of which will be in the form of price supports, this is not factored into the rather dismal reading in the August 2018 farm income forecast:
Net farm income, a broad measure of profits, is forecast to decrease $9.8 billion (13.0 percent) from 2017 to $65.7 billion in 2018, after increasing $13.9 billion (22.5 percent) in 2017. Net cash farm income is forecast to decrease $12.4 billion (12.0 percent) to $91.5 billion. In inflation-adjusted 2018 dollars, net farm income is forecast to decline $11.4 billion (14.8 percent) from 2017 after increasing $13.0 billion (20.3 percent) in 2017. If realized, inflation-adjusted net farm income would be just slightly above its level in 2016, which was its lowest level since 2002. Inflation-adjusted net cash farm income is forecast to decline $14.6 billion (13.8 percent) from 2017 to $91.5 billion, which would be the lowest real-dollar level since 2009. Net cash farm income encompasses cash receipts from farming as well as farm-related income, including government payments, minus cash expenses. Net farm income is a more comprehensive measure that incorporates noncash items, including changes in inventories, economic depreciation, and gross imputed rental income of operator dwellings.
Net cash income is forecasted to decline. Certainly not all of the $12 billion package announced is going to farmers, so it is not clear to me that 2018 net cash income will be stabilized. (The USDA announcement of 8/27 indicates initial payments of around $6.2 billion; $4.7 is noted in this article.)
It is interesting to note that the payment rate of $1.65/bu is about 80% of the price drop registered since May 2018. (or $0.825/bu for initial payment, as noted in this article; if additional need is found, the other 50% will be disbursed.)