With crop harvest near, the U.S. Department of Agriculture's Farm Service Agency is reminding producers of their options to obtain a Marketing Assistance Loan for 2012
crop corn and soybeans.
For this crop year, corn and soybean loan rates are $1.92 and $5.11 per bushel. The Market Assistance Loan program provides producers with cash flow at a reasonable interest rate while the crop is in storage on the farm or at a local elevator. The September interest rate is 1.125 percent.
Producers interested in obtaining 9-month loans on stored commodities must apply by visiting the FSA office.
Commodities that are harvested and stored on the farm or at an approved elevator are eligible for a loan if the producer maintains beneficial interest in the crop which includes risk, title and control of the commodity. Producers with farm-stored commodity loans must contact FSA to obtain permission before moving or delivering any commodity under loan.
For more information, call (419) 447-7071, ext. 2, or visit the Farm Service Agency website, www.fsa.usda.gov/pas.