§7939 Availability of Recourse Loans for High Moisture Feed Grains and Seed Cotton

Summary

The Secretary must make recourse loans available for the 2002 through 2007 crops of corn and grain sorghum harvested in a high‑moisture state, and must also offer recourse seed‑cotton loans for all upland and extra‑long‑staple cotton produced in 2002 through 2007. For corn and grain sorghum, eligible producers are those who normally harvest wet, who give approved proof of delivery (certified scale tickets from approved commercial scales or, where no nearby scales exist, field or physical measurements), who certify they owned and delivered the crop to a feedlot, feed mill, or high‑moisture storage, and who meet the harvest and loan application deadlines the Secretary sets. The loan quantity is the wet‑harvested acreage multiplied by the lower of (a) the farm program payment yield used for counter‑cyclical payments or (b) an actual yield from a similar field, as the Secretary determines. “High‑moisture” means moisture above Commodity Credit Corporation standards for marketing assistance loans under section 7931. Loans must be repaid at the loan rate plus interest under section 7283. Despite section 7237, recourse loans for the 2002 crop will not be made under that section.