Corn & soybean loan provisions
With the 2012 harvest nearly complete, the Farm Service Agency is reminding producers of their options to obtain a Marketing Assistance Loan for 2012 crop corn and soybeans. For the 2012 crop year, the corn and soybean loan rates are $1.92 and $5.11 per bushel respectively. The loan program provides growers with cash flow while the crop is in storage on the farm or at a local elevator. The November 2012 interest rate was 1.125 percent.
Commodities that are harvested and stored on the farm or at an approved elevator are eligible for a loan if the grower maintains beneficial interest in the crop which includes risk, title and control of the commodity. Commodities are not eligible for a farm stored loan if the commodity is stored in a wagon or trailer.
For information, contact the Farm Service Agency in Sandusky County at 419-334-6330 (ext. 2), in Lucas or Ottawa counties at 419-447-4687 or in Wood County at 419-352-5171, or visit the Farm Service Agency website at http://www.fsa.usda.gov/pas/.