§8732 Loan Rates for Nonrecourse Marketing Assistance Loans

Summary

Sets the loan rates that apply to marketing assistance loans for many crops for the 2008, 2009, and 2010–2012 crop years. For 2008 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 (base quality) $0.52 per pound; extra long staple cotton $0.7977 per pound; long grain rice $6.50 per hundredweight; medium grain rice $6.50 per hundredweight; soybeans $5.00 per bushel; other oilseeds $9.30 per hundredweight (covers sunflower, rapeseed, canola, safflower, flaxseed, mustard, crambe, sesame, and other oilseeds the Secretary names); dry peas $6.22 per hundredweight; lentils $11.72 per hundredweight; small chickpeas $7.43 per hundredweight; graded wool $1.00 per pound; nongraded wool $0.40 per pound; mohair $4.20 per pound; honey $0.60 per pound. For 2009 (unless section 8715 changes them) the rates are the same as 2008 except dry peas $5.40 per hundredweight, lentils $11.28 per hundredweight, and large chickpeas $11.28 per hundredweight are included; small chickpeas remain $7.43 per hundredweight. For 2010 through 2012 (unless section 8715 changes them) the rates are the same except: wheat $2.94 per bushel; barley $1.95 per bushel; oats $1.39 per bushel; other oilseeds $10.09 per hundredweight; graded wool $1.15 per pound; honey $0.69 per pound; dry peas, lentils, and chickpea rates match the 2009 figures listed above. The Secretary must set one loan rate per county for each of the “other oilseeds.”