USDA’s CCC boosts lending rates for July

WASHINGTON — The USDA’s Commodity Credit Corporation announced interest rates for July 2008 on July 1.

The CCC borrowing rate-based charge is 2.375, up from 2.000 percent in June 2008.

For 1996 and subsequent crop year commodity and marketing assistance loans, the interest rate for loans disbursed during July 2008 is 3.375, up from 3.0 percent in June 2008.

The interest rate for farm storage facility loans approved for July 2008 is 3.625, up from 3.375 in June 2008.

The maximum discount rate applicable for July 2008 for the Tobacco Transition Payment Program is 7 percent, unchanged from June 2008. This is based on the 5 percent prime rate plus 2 percent, rounded to the nearest whole number.

Further program information is available from USDA Farm Service Agency’s (FSA) Financial Management Division at 703-305-1386.

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