§7932 Loan rates for nonrecourse marketing assistance loans

Summary

Sets the loan rates that farmers can get for marketing assistance loans for many crops. For crop years 2002 and 2003 the rates are: wheat $2.80 per bushel, corn $1.98 per bushel, grain sorghum $1.98 per bushel, barley $1.88 per bushel, oats $1.35 per bushel, upland cotton $0.52 per pound, extra long staple cotton $0.7977 per pound, rice $6.50 per hundredweight, soybeans $5.00 per bushel, other oilseeds $0.0960 per pound, graded wool $1.00 per pound, nongraded wool $0.40 per pound, mohair $4.20 per pound, honey $0.60 per pound, dry peas $6.33 per hundredweight, lentils $11.94 per hundredweight, and small chickpeas $7.56 per hundredweight. For crop years 2004 through 2007 most rates stay the same but some change slightly: wheat $2.75, corn $1.95, grain sorghum $1.95, barley $1.85, oats $1.33, other oilseeds $0.0930 per pound, dry peas $6.22, lentils $11.72, and small chickpeas $7.43 (other unchanged rates remain as above). The oilseed rate covers sunflower, rapeseed, canola, safflower, flaxseed, mustard, crambe, sesame, and others the Secretary names. The Secretary must set one oilseed loan rate per county. The rates for dry peas, lentils, and small chickpeas are based on U.S. feed peas, U.S. number 3 lentils, and U.S. number 3 small chickpeas that drop below a 20/64 screen.