7 U.S.C. § 9032: Loan rates for nonrecourse…

Summary

Sets fixed loan rates used for marketing assistance loans for many farm crops over three time periods: 2014–2018, 2019–2025, and 2026–2031. For 2014–2018 the rates include: wheat $2.94 per bushel; corn, grain sorghum, and barley $1.95 per bushel; oats $1.39 per bushel; base-quality upland cotton = the average adjusted world price for the two prior marketing years but not less than $0.45 or more than $0.52 per pound; extra long staple cotton $0.7977/lb; long and medium rice $6.50 per hundredweight; soybeans $5.00/bu; other oilseeds $10.09/cwt (sunflower, rapeseed, canola, safflower, flaxseed, mustard, crambe, sesame, and others the Secretary names); dry peas $5.40/cwt; lentils $11.28/cwt; small chickpeas $7.43/cwt; large chickpeas $11.28/cwt; graded wool $1.15/lb; nongraded wool $0.40/lb; mohair $4.20/lb; honey $0.69/lb; peanuts $355/ton. For 2019–2025 most rates change (examples): wheat $3.38/bu; corn and grain sorghum $2.20/bu; barley $2.50/bu; oats $2.00/bu; upland cotton = average world price with a rule that it cannot fall below 98% of the prior year and must stay between $0.45 and $0.52/lb; extra long staple cotton $0.95/lb; long and medium rice $7.00/cwt; soybeans $6.20/bu; other oilseeds $10.09/cwt; dry peas $6.15/cwt; lentils $13.00/cwt; small chickpeas $10.00/cwt; large chickpeas $14.00/cwt; graded wool $1.15/lb; nongraded wool $0.40/lb; mohair $4.20/lb; honey $0.69/lb; peanuts $355/ton. For 2026–2031 the rates change again (examples): wheat $3.72/bu; corn and grain sorghum $2.42/bu; barley $2.75/bu; oats $2.20/bu; upland cotton $0.55/lb; extra long staple cotton $1.00/lb; long and medium rice $7.70/cwt; soybeans $6.82/bu; other oilseeds $11.10/cwt; dry peas $6.87/cwt; lentils $14.30/cwt; small chickpeas $11.00/cwt; large chickpeas $15.40/cwt; graded wool $1.60/lb; nongraded wool $0.55/lb; mohair $5.00/lb; honey $1.50/lb; peanuts $390/ton. The Secretary must set one county-level loan rate for each “other oilseed.” Seed cotton is treated as $0.30 per pound for certain program rules, but that does not allow nonrecourse loans for seed cotton.

Title 7, §9032

Agriculture, Source: USLM XML via OLRC

(a)2014 through 2018 crop years

For purposes of each of the 2014 through 2018 crop years, the loan rate for a marketing assistance loan under section 9031 of this title for a loan commodity shall be equal to the following:

(1)In the case of wheat, $2.94 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, $1.95 per bushel.

(5)In the case of oats, $1.39 per bushel.

(6)In the case of base quality of upland cotton, for each of the 2014 through 2018 crop years, the simple average of the adjusted prevailing world price for the 2 immediately preceding marketing years, as determined by the Secretary and announced October 1 preceding the next domestic plantings, but in no case less than $0.45 per pound or more than $0.52 per pound.

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

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

(9)In the case of medium grain rice, $6.50 per hundredweight.

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

(11)In the case of other oilseeds, $10.09 per hundredweight 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.

(12)In the case of dry peas, $5.40 per hundredweight.

(13)In the case of lentils, $11.28 per hundredweight.

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

(15)In the case of large chickpeas, $11.28 per hundredweight.

(16)In the case of graded wool, $1.15 per pound.

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

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

(19)In the case of honey, $0.69 per pound.

(20)In the case of peanuts, $355 per ton.

(b)2019 through 2025 crop years

For purposes of each of the 2019 through 2025 crop years, the loan rate for a marketing assistance loan under section 9031 of this title for a loan commodity shall be equal to the following:

(1)In the case of wheat, $3.38 per bushel.

(2)In the case of corn, $2.20 per bushel.

(3)In the case of grain sorghum, $2.20 per bushel.

(4)In the case of barley, $2.50 per bushel.

(5)In the case of oats, $2.00 per bushel.

(6)(A)Subject to subparagraphs (B) and (C), in the case of base quality of upland cotton, the simple average of the adjusted prevailing world price for the 2 immediately preceding marketing years, as determined by the Secretary and announced October 1 preceding the next domestic planting.

(B)Except as provided in subparagraph (C), the loan rate determined under subparagraph (A) may not equal less than an amount equal to 98 percent of the loan rate for base quality of upland cotton for the preceding year.

(C)The loan rate determined under subparagraph (A) may not be equal to an amount—

(i)less than $0.45 per pound; or

(ii)more than $0.52 per pound.

(7)In the case of extra long staple cotton, $0.95 per pound.

(8)In the case of long grain rice, $7.00 per hundredweight.

(9)In the case of medium grain rice, $7.00 per hundredweight.

(10)In the case of soybeans, $6.20 per bushel.

(11)In the case of other oilseeds, $10.09 per hundredweight 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.

(12)In the case of dry peas, $6.15 per hundredweight.

(13)In the case of lentils, $13.00 per hundredweight.

(14)In the case of small chickpeas, $10.00 per hundredweight.

(15)In the case of large chickpeas, $14.00 per hundredweight.

(16)In the case of graded wool, $1.15 per pound.

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

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

(19)In the case of honey, $0.69 per pound.

(20)In the case of peanuts, $355 per ton.

For purposes of each of the 2026 through 2031 crop years, the loan rate for a marketing assistance loan under section 9031 of this title for a loan commodity shall be equal to the following:

(1)In the case of wheat, $3.72 per bushel.

(2)In the case of corn, $2.42 per bushel.

(3)In the case of grain sorghum, $2.42 per bushel.

(4)In the case of barley, $2.75 per bushel.

(5)In the case of oats, $2.20 per bushel.

(6)In the case of upland cotton, $0.55 per pound.

(7)In the case of extra long staple cotton, $1.00 per pound.

(8)In the case of long grain rice, $7.70 per hundredweight.

(9)In the case of medium grain rice, $7.70 per hundredweight.

(10)In the case of soybeans, $6.82 per bushel.

(11)In the case of other oilseeds, $11.10 per hundredweight 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.

(12)In the case of dry peas, $6.87 per hundredweight.

(13)In the case of lentils, $14.30 per hundredweight.

(14)In the case of small chickpeas, $11.00 per hundredweight.

(15)In the case of large chickpeas, $15.40 per hundredweight.

(16)In the case of graded wool, $1.60 per pound.

(17)In the case of nongraded wool, $0.55 per pound.

(18)In the case of mohair, $5.00 per pound.

(19)In the case of honey, $1.50 per pound.

(20)In the case of peanuts, $390 per ton.

(d)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)(11), (b)(11), and (c)(11).

(e)Seed cotton

(1)In general

For purposes of section 9016 (b)(2) of this title and paragraphs (1)(B)(ii) and (2)(A)(ii)(II) of section 9017(b) of this title, the loan rate for seed cotton shall be deemed to be equal to $0.30 per pound.

(2)Effect

Nothing in this subsection authorizes any nonrecourse marketing assistance loan under this subchapter for seed cotton.

Notes & Related Subsidiaries

Editorial Notes

Codification Provisions of law applicable to a loan commodity for the 2024 crop year pursuant to title I of Pub. L. 113–79 applicable to the 2025 crop year for that loan commodity, see section 4101(c)(1) of Pub. L. 118–158, set out in an Extension of Agricultural Programs note under section 9001 of this title. Provisions of law applicable to a loan commodity for the 2023 crop year pursuant to title I of Pub. L. 113–79 applicable to the 2024 crop year for that loan commodity, see section 102(c)(1) of Pub. L. 118–22, set out in an Extension of Agricultural Programs note under section 9001 of this title.

Amendments

2025—Subsec. (b). Pub. L. 119–21, § 10309(b)(1), substituted “2025” for “2023” in heading and introductory provisions. Subsec. (c). Pub. L. 119–21, § 10309(b)(3), added subsec. (c). Former subsec. (c) redesignated (d). Subsec. (d). Pub. L. 119–21, § 10309(b)(2), (4), redesignated subsec. (c) as (d) and substituted “(a)(11), (b)(11), and (c)(11)” for “(a)(11) and (b)(11)”. Former subsec. (d) redesignated (e). Subsec. (e). Pub. L. 119–21, § 10309(b)(2), (5), redesignated subsec. (d) as (e) and substituted “$0.30” for “$0.25”. 2018—Subsec. (a). Pub. L. 115–334, § 1202(a)(1), substituted “2014 through 2018 crop years” for “In general” in heading. Subsec. (b). Pub. L. 115–334, § 1202(a)(3), added subsec. (b). Former subsec. (b) redesignated (c). Subsec. (c). Pub. L. 115–334, § 1202(a)(2), (4), redesignated subsec. (b) as (c) and substituted “subsections (a)(11) and (b)(11)” for “subsection (a)(11)”. Former subsec. (c) redesignated (d). Pub. L. 115–123 added subsec. (c). Subsec. (d). Pub. L. 115–334, § 1202(a)(2), redesignated subsec. (c) as (d).

Statutory Notes and Related Subsidiaries

Effective Date

of 2018 AmendmentAmendment by Pub. L. 115–123 applicable beginning with the 2018 crop year, see section 60101(a)(13) of Pub. L. 115–123, set out as a note under section 9011 of this title.

§9032 Loan Rates for Nonrecourse Marketing Assistance Loans

Summary

Title 7, §9032

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata