§9032 Loan rates for nonrecourse marketing assistance loans

Summary

Sets fixed loan rates for many crops for three time periods. For crop years 2014–2018 the rates are: wheat $2.94 per bushel; corn $1.95 per bushel; grain sorghum $1.95; barley $1.95; oats $1.39; upland cotton base quality equals the simple average of the adjusted prevailing world price for the two prior marketing years as set by the Agriculture Secretary and announced October 1 before planting, but not below $0.45 or above $0.52 per pound; extra long staple cotton $0.7977 per pound; long- and medium-grain rice $6.50 per hundredweight; soybeans $5.00 per bushel; other oilseeds (sunflower, rapeseed, canola, safflower, flaxseed, mustard seed, crambe, sesame, and any others the Secretary names) $10.09 per hundredweight; dry peas $5.40 per hundredweight; lentils $11.28 per hundredweight; small chickpeas $7.43 per hundredweight; large chickpeas $11.28 per hundredweight; graded wool $1.15 per pound; nongraded wool $0.40 per pound; mohair $4.20 per pound; honey $0.69 per pound; peanuts $355 per ton. For crop years 2019–2025 the rates are: wheat $3.38 per bushel; corn $2.20 per bushel; grain sorghum $2.20; barley $2.50; oats $2.00; upland cotton base quality equals the simple average of the adjusted prevailing world price for the two prior marketing years as set by the Agriculture Secretary and announced October 1 before planting, but the rate may not be less than 98 percent of the prior year’s upland cotton loan rate (unless an exception applies) and must stay between $0.45 and $0.52 per pound; extra long staple cotton $0.95 per pound; long- and medium-grain rice $7.00 per hundredweight; soybeans $6.20 per bushel; the same list of other oilseeds $10.09 per hundredweight; dry peas $6.15 per hundredweight; lentils $13.00 per hundredweight; small chickpeas $10.00 per hundredweight; large chickpeas $14.00 per hundredweight; graded wool $1.15 per pound; nongraded wool $0.40 per pound; mohair $4.20 per pound; honey $0.69 per pound; peanuts $355 per ton. For crop years 2026–2031 the rates are set as follows: wheat $3.72 per bushel; corn $2.42 per bushel; grain sorghum $2.42; barley $2.75; oats $2.20; upland cotton $0.55 per pound; extra long staple cotton $1.00 per pound; long- and medium-grain rice $7.70 per hundredweight; soybeans $6.82 per bushel; the listed other oilseeds $11.10 per hundredweight; dry peas $6.87 per hundredweight; lentils $14.30 per hundredweight; small chickpeas $11.00 per hundredweight; large chickpeas $15.40 per hundredweight; graded wool $1.60 per pound; nongraded wool $0.55 per pound; mohair $5.00 per pound; honey $1.50 per pound; peanuts $390 per ton. The Agriculture Secretary must set one county-level loan rate for each of the listed other oilseeds. For certain program calculations, seed cotton is treated as $0.30 per pound, but no nonrecourse marketing assistance loans are allowed for seed cotton.