USDA Offers $500 Million to Smaller Beef Processors

New payments aim to keep independent plants competing for the cattle West Texas ranchers raise as the U.S. herd sits at a 75-year low.

The U.S. Department of Agriculture will provide up to $500 million in temporary payments to eligible small and mid-size beef processors, an effort officials say is meant to protect the marketplace ranchers rely on when they sell their cattle.

Agriculture Secretary Brooke L. Rollins announced the Strengthening Processing for U.S. Ranchers Program, known as SPUR, on Tuesday, June 30.

The program provi…