USDA announces loan rates for corn, grain sorghum, soybeans

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WASHINGTON – The USDA announced the 2004 national and county loan rates for corn, grain sorghum and soybeans, as authorized by the 2002 farm bill.

The relative levels of the county loan rates for each commodity reflect the most recent information available about price relationships around the country and will enhance the market orientation of the corn, grain sorghum and soybean loan and Loan Deficiency Payment programs.

In establishing this year’s rates, USDA continued to focus attention on minimizing neighboring-county loan rate variances that are not justified by current market forces.

Loan rate changes. The 2002 farm bill established specific national loan rates for each commodity.

For corn and grain sorghum, the 2002 and 2003 national rates are $1.98 per bushel.

Beginning in 2004, these rates will be $1.95 per bushel and will remain at that level through 2007.

These changes are reflected in the county loan rates announced.

The national soybean rate remains unchanged at $5 per bushel, as set forth by the 2002 farm bill.

Other 2004 crops. The 2004-crop loan rates for pulse crops will be announced in the near future.

The 2004-crop county loan rates for wheat, barley, oats and other oilseeds were announced Dec. 9.

County loan rates. The 2004-crop county loan rates for corn, grain sorghum and soybeans is available on the Farm Service Agency Web site at www.fsa.usda.gov/dafp/psd/LoanRate.htm.

County loan rates for wheat, barley, oats and other oilseeds are also available on this site.

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