§7932 Loan Rates for Nonrecourse Marketing Assistance Loans

Summary

Requires set loan rates for marketing assistance loans for specific crops in the 2002–2003 and 2004–2007 crop years. Rates for 2002–2003 and then 2004–2007 are: wheat $2.80/bushel and $2.75/bushel; corn $1.98/bu and $1.95/bu; grain sorghum $1.98/bu and $1.95/bu; barley $1.88/bu and $1.85/bu; oats $1.35/bu and $1.33/bu; upland cotton $0.52/pound (both periods); extra long staple cotton $0.7977/pound (both); rice $6.50/hundredweight (both); soybeans $5.00/bu (both); other oilseeds $0.0960/pound (2002–2003) and $0.0930/pound (2004–2007) for sunflower, rapeseed, canola, safflower, flaxseed, mustard, crambe, sesame, and other oilseeds the Secretary names; graded wool $1.00/pound; nongraded wool $0.40/pound; mohair $4.20/pound; honey $0.60/pound; dry peas $6.33/cwt and $6.22/cwt; lentils $11.94/cwt and $11.72/cwt; small chickpeas $7.56/cwt and $7.43/cwt. The Secretary must set one loan rate per county for each oilseed listed. 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, respectively.