7 U.S.C. § 7932: Loan rates for nonrecourse…

Summary

Sets fixed loan rates for marketing assistance loans for many crops in two time periods. For the 2002 and 2003 crop years 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 (covers sunflower, rapeseed, canola, safflower, flaxseed, mustard, crambe, sesame, and other oilseeds the Secretary names); 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 the 2004 through 2007 crop years the rates are: wheat $2.75 per bushel; corn $1.95 per bushel; grain sorghum $1.95 per bushel; barley $1.85 per bushel; oats $1.33 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 $0.0930 per pound for the same oilseed list; graded wool $1.00 per pound; nongraded wool $0.40 per pound; mohair $4.20 per pound; honey $0.60 per pound; dry peas $6.22 per hundredweight; lentils $11.72 per hundredweight; and small chickpeas $7.43 per hundredweight. The Secretary must set one county loan rate for each of the other oilseeds in each county. Loan rates for these pulses are based on quality: dry peas = United States feed peas; lentils = United States number 3 lentils; small chickpeas = United States number 3 small chickpeas that drop below a 20/64 screen.

Title 7, §7932

Agriculture, Source: USLM XML via OLRC

(a)2002 and 2003 crop years

For purposes of the 2002 and 2003 crop years, the loan rate for a marketing assistance loan under section 7931 of this title for a loan commodity shall be equal to the following:

(1)In the case of wheat, $2.80 per bushel.

(2)In the case of corn, $1.98 per bushel.

(3)In the case of grain sorghum, $1.98 per bushel.

(4)In the case of barley, $1.88 per bushel.

(5)In the case of oats, $1.35 per bushel.

(6)In the case of upland cotton, $0.52 per pound.

(7)In the case of extra long staple cotton, $0.7977 per pound.

(8)In the case of rice, $6.50 per hundredweight.

(9)In the case of soybeans, $5.00 per bushel.

(10)In the case of other oilseeds, $.0960 per pound for each of the following kinds of oilseeds:

(A)Sunflower seed.

(B)Rapeseed.

(C)Canola.

(D)Safflower.

(E)Flaxseed.

(F)Mustard seed.

(G)Crambe.

(H)Sesame seed.

(I)Other oilseeds designated by the Secretary.

(11)In the case of graded wool, $1.00 per pound.

(12)In the case of nongraded wool, $0.40 per pound.

(13)In the case of mohair, $4.20 per pound.

(14)In the case of honey, $0.60 per pound.

(15)In the case of dry peas, $6.33 per hundredweight.

(16)In the case of lentils, $11.94 per hundredweight.

(17)In the case of small chickpeas, $7.56 per hundredweight.

(b)2004 through 2007 crop years

For purposes of the 2004 through 2007 crop years, the loan rate for a marketing assistance loan under section 7931 of this title for a loan commodity shall be equal to the following:

(1)In the case of wheat, $2.75 per bushel.

(2)In the case of corn, $1.95 per bushel.

(3)In the case of grain sorghum, $1.95 per bushel.

(4)In the case of barley, $1.85 per bushel.

(5)In the case of oats, $1.33 per bushel.

(6)In the case of upland cotton, $0.52 per pound.

(7)In the case of extra long staple cotton, $0.7977 per pound.

(8)In the case of rice, $6.50 per hundredweight.

(9)In the case of soybeans, $5.00 per bushel.

(10)In the case of other oilseeds, $.0930 per pound for each of the following kinds of oilseeds:

(A)Sunflower seed.

(B)Rapeseed.

(C)Canola.

(D)Safflower.

(E)Flaxseed.

(F)Mustard seed.

(G)Crambe.

(H)Sesame seed.

(I)Other oilseeds designated by the Secretary.

(11)In the case of graded wool, $1.00 per pound.

(12)In the case of nongraded wool, $0.40 per pound.

(13)In the case of mohair, $4.20 per pound.

(14)In the case of honey, $0.60 per pound.

(15)In the case of dry peas, $6.22 per hundredweight.

(16)In the case of lentils, $11.72 per hundredweight.

(17)In the case of small chickpeas, $7.43 per hundredweight.

(c)Single county loan rate for other oilseeds

The Secretary shall establish a single loan rate in each county for each kind of other oilseeds described in subsections (a)(10) and (b)(10).

(d)Quality grades for dry peas, lentils, and small chickpeas

The loan rate for dry peas, lentils, and small chickpeas shall be based on—

(1)in the case of dry peas, United States feed peas;

(2)in the case of lentils, United States number 3 lentils; and

(3)in the case of small chickpeas, United States number 3 small chickpeas that drop below a 20/64 screen.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2003—Subsec. (a)(10). Pub. L. 108–7, § 763(b)(1), added par. (10) and struck out former par. (10) which read as follows: “In the case of other oilseeds, $0.0960 per pound.” Subsec. (b)(10). Pub. L. 108–7, § 763(b)(2), added par. (10) and struck out former par. (10) which read as follows: “In the case of other oilseeds, $0.0930 per pound.” Subsecs. (c), (d). Pub. L. 108–7, § 763(b)(3), added subsecs. (c) and (d).

Statutory Notes and Related Subsidiaries

Effective Date

of 2003 AmendmentAmendment by Pub. L. 108–7 applicable beginning with the 2003 crop of other oilseeds, dry peas, lentils, and small chickpeas, see section 763(d) of Pub. L. 108–7, set out as a note under section 7901 of this title.

§7932 Loan Rates for Nonrecourse Marketing Assistance Loans