News Date: 06/25/2008
Secretary of Agriculture Ed Schafer announced on June 12 the first actions implementing the new 2008 farm bill. USDA is first implementing the important commodity title including marketing assistance loan and loan deficiency payment (LDP) provisions.
As required by the 2008 farm bill, the national loan rates are established at the same levels as those established for the 2007 crop, with the exception of rice. Starting with the 2008 crop, the 2008 farm bill specifies national loan rates for both long grain rice and medium grain rice. Rates for the 2008 crops of wheat, feed grains, oilseeds, rice, and pulses are posted on the Farm Service Agency's (FSA) website at http://www.fsa.usda.gov.
USDA also announced that county loan rates for the 2008 crop of wheat, corn, grain sorghum, barley, oats, soybeans, and other oilseeds (sunflower seed, flaxseed, canola, rapeseed, safflower, mustard seed, crambe, and sesame seed). State loan rates by class for 2008 crop of rice, and regional loan rates for 2008 pulse crops (small chickpeas, dry peas, and lentils) are also posted on the FSA webpage.
USDA has also updated Milled and Rough Rice Loan Rates by Class, and the Regional Pulse Loans. Cotton and peanut loan and LDP provisions and rates will be announced separately. Wool, mohair, and honey were announced in January. (Contact: Charlie Ingram or Amy Mann)
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