Federal Reserve will start buying bonds from major food and agribusiness firms to prop up the economy

The Federal Reserve will buy bonds from large corporations, including several major food and agribusiness firms, "as part of its broad efforts to prop up the economy and financial markets," Ryan McCrimmon reports for Politico's Morning Agriculture.

The New York Federal Reserve Bank announced nearly $7 billion in individual corporate bonds and exchange-traded funds from nearly 800 companies. "The program is part of the central bank’s unprecedented efforts to pump money into the economy and keep cash moving through financial markets," McCrimmon reports. "The Fed is buying bonds on the open market from companies that meet its eligibility standards. The purchases will lower borrowing costs for those firms should they seek more credit."

Click here for a full list of companies that will receive help.