Now that the harvest is nearly complete, the Farm Service Agency reminds producers of their options to obtain a Marketing Assistance Loan for crop corn and soybeans.
For this crop year, corn and soybean loan rates are $1.90 and $5.11 per bushel, respectively. The loan program provides producers with cash flow at a reasonable interest rate while the crop is in storage on the farm or at a local elevator. The November interest rate is 1.125 percent.
Loans support producers in obtaining cash flow while crops remain in storage and are marketed at a future date. Producers interested in obtaining a nine-month loan on stored commodities must apply by visiting the local FSA office. Loan funds are issued using direct deposit, so loan funds may not be available for two or three days following loan closing.
Commodities stored on farm or at an approved elevator are eligible if the producer maintains beneficial interest in the crop which includes risk, title and control of the commodity. Commodities are not eligible if stored in a wagon or trailer. Producers have the option to repay the loan at the lower of the posted county price or principal plus interest.
Producers with farm-stored commodity loans must contact FSA for permission before moving or delivering any commodity under loan.
For more information, call (419) 447-7071, ext. 2.