FSA Andy advice on marketing loans

Hello again!

The Wayne County Fair starts Sept. 11. It remains the largest Junior Fair in Ohio, with over 350 dairy projects, 350 swine projects, 150 lamb projects and 125 steer projects, along with numerous horse, goat, rabbit and poultry projects.

This fair is also the least expensive to attend, with gate admission only $2 per person, and free grandstand seats available.

The local FSA Office has a display barn over on machinery/agriculture row, so stop by and say hello and get the latest FSA news.

Marketing loans

As you harvest your crops this fall, keep in mind that you can obtain marketing loans through our office that enable you to obtain cash to operate while you are holding onto your crop for future marketing opportunities or for feeding.

These marketing loans are nine-month non-recourse loans. They can be farm stored or stored in a state licensed warehouse that issues warehouse receipts according to state law.

Loan rates vary by county, but are around $1.97 for corn and $5.10 for soybeans. The interest rate for August is 1.25 percent. They can be repaid at anytime during the nine-month period.

If you plan to feed this grain, you must submit a repayment schedule so the grain is repaid prior to feeding (typically in monthly increments).

Selling

If you sell the grain, you must either repay the quantity being sold before moving, or get a release to the elevator that you are delivering to, and the elevator will repay CCC for the grain you delivered that was under loan.

The quality of the grain under loan is the responsibility of the producer.

Remember your farm safety rules this fall harvesting, and have a safe and bountiful harvest.

That’s all for now,

FSA Andy

About the Author

FSA Andy is written by USDA Farm Service Agency county executive directors in northeastern Ohio. More Stories by FSA Andy

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