§7237 Availability of recourse loans for high moisture feed grains and seed cotton and other fibers

Summary

The Secretary of Agriculture must make recourse loans available for certain crops from the 1996 through 2002 crops. For corn and grain sorghum harvested wet (in a high moisture state), farmers on land under a production flexibility contract can get these loans if they normally harvest wet, show certified scale tickets from an approved commercial scale or give field measurements where scales are not nearby, certify they owned and delivered the grain to an approved feedlot, mill, warehouse, or high‑moisture storage, and meet harvesting and application deadlines. The loan quantity is the acreage harvested wet times the lower of the farm program payment yield or the actual yield on a similar field. "High moisture state" means the crop's moisture is above the Commodity Credit Corporation standards for marketing loans (see section 7231). For the 1996–2002 crops, recourse seed cotton loans must be available for upland cotton on farms under a production flexibility contract and for extra long staple cotton on any production. For mohair produced in or before fiscal year 1999, recourse loans must be offered in fiscal year 1999 at $2.00 per pound, with a 1‑year term starting the first day of the month after the loan is made, and no interest charged. Other recourse loans are repaid at the loan rate plus interest as set by the Secretary.