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The Village People don't want a group of Missouri farmers who spoofed their famous song to feel down anymore ... so they're going to let them put their viral vid back up.

We broke the story ... the group's frontman, Victor Willis, was super pissed off at the Missouri Farm Bureau for creating a parody of "YMCA" called "USMCA" ... urging Congress to pass the new U.S.-Mexico-Canada trade agreement.

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The Village People took action and got the video removed from YouTube, but it was also tweeted out by the official White House account to its 19 MILLION followers ... and it's still there.

A rep for the group tells TMZ it's all good now ... at least they hope it will be. They're working with the Missouri farmers to grant a limited-use license for a year to allow the spoof back on the market.

We're told the Village People pondered the issue and decided the farmers made the vid for a good cause -- to bring attention to a bill that may benefit millions of Americans -- and they don't want to be the party poopers. Besides ... it only brings attention to the iconic song.

BUT ... Victor and company still want The White House to take down the vid on Twitter until they hammer out a deal with the Missouri FB, and they sent a cease and desist letter to that effect.