Samples needed for crop loans

A new policy for 2009 crops requires producers to provide a corn sample to the Farm Service Agency (FSA) county office prior to receiving commodity loans or Loan Deficiency Payments (LDPs), unless the office performs measurement service for a fee. The sample will be used to determine the test weight to ensure that the loan is properly disbursed.

The deadline for requesting loans on 2009 corn or soybean crops is May 31, 2010.

A marketing assistance loan provides the advantage of a low interest rate and repayment options. Repayment of commodity loans is usually made at the loan rate plus interest. However, if daily prices drop any time throughout the nine-month loan period, the repayments for that day can be made with a market gain at the lower Posted County Price (PCP) without interest.

For commodities to be eligible for loans or LDPs, they must have been produced by an eligible producer, be in existence and in a storable condition and be merchantable for food, feed or other uses as determined by Commodity Credit Corporation (CCC).

Producers are encouraged to contact the Sheboygan County FSA office at (920) 467-9917 ext. 2 for additional information about applying for marking assistance loans before the May 31, 2010 deadline. The loan rate for corn is $1.87 per bushel, soybeans are $4.92 per bushel, wheat is $1.77 per bushel, oats are $1.39 per bushel and barley is $1.63 per bushel.

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Edward Jones