§8732 Loan rates for nonrecourse marketing assistance loans

Summary

Sets the marketing loan rates farmers get for many crops in the 2008, 2009, and 2010–2012 crop years. For 2008 the rates are: wheat $2.75 per bushel; corn $1.95/bu; grain sorghum $1.95/bu; barley $1.85/bu; oats $1.33/bu; upland cotton (base) $0.52 per pound; extra long staple cotton $0.7977 per pound; long and medium grain rice $6.50 per hundredweight; soybeans $5.00/bu; other oilseeds $9.30/cwt (sunflower, rapeseed, canola, safflower, flaxseed, mustard, crambe, sesame, and other oilseeds the Secretary names); dry peas $6.22/cwt; lentils $11.72/cwt; small chickpeas $7.43/cwt; graded wool $1.00/lb; nongraded wool $0.40/lb; mohair $4.20/lb; honey $0.60/lb. Unless another rule applies, for 2009 most rates stay the same but dry peas are $5.40/cwt, lentils $11.28/cwt, and large chickpeas $11.28/cwt are added. For 2010–2012 the rates change in a few places: wheat $2.94/bu; barley $1.95/bu; oats $1.39/bu; other oilseeds $10.09/cwt; dry peas $5.40/cwt; lentils $11.28/cwt; small chickpeas $7.43/cwt; large chickpeas $11.28/cwt; graded wool $1.15/lb; honey $0.69/lb; other listed rates remain as shown above. The Secretary must set one county loan rate for each type of those other oilseeds.