Washington, DC
February 5, 2004
The U.S. Department of Agriculture
today announced the 2004 national and county loan rates for
corn, grain sorghum and soybeans, as authorized by the
2002 Farm Bill.
“This is
the earliest we have announced the marketing assistance loan
rates for these commodities,” said Veneman. “This exemplifies
our commitment to providing timely information to enable
producers to better utilize these programs in their planting and
marketing decisions.”
The 2004
county loan rates announced today also continue the
market-oriented approach established in 2002 following enactment
of the 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 (LDP) programs.
In
establishing this year’s rates, USDA continued to focus special
attention on minimizing neighboring-county loan rate variances
that are not justified by current market forces.
2004 National
Loan Rate Changes Mandated by Law
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 today. The national soybean rate remains
unchanged at $5.00 per bushel, as set forth by the 2002 Farm
Bill.
|
Commodity |
Crop Year
|
Change (2004
relative to 2003) |
|
2002-2003 |
2004-2007 |
|
Corn ($/Bu) |
$1.98 |
$1.95 |
-$0.03 |
|
Grain Sorghum ($/Bu) |
$1.98 |
$1.95 |
-$0.03 |
|
Soybeans ($/Bu) |
$5.00 |
$5.00 |
No
change |
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 on Dec. 9, 2003.
Accessing
2004-Crop County Loan Rates
The
2004-crop county loan rates for corn, grain sorghum and soybeans
will be available on the Farm Service Agency Web site within
four business days of this announcement. The Web site is located
at
http://www.fsa.usda.gov/dafp/psd/LoanRate.htm. County loan
rates for wheat, barley, oats and other oilseeds are also
available on this site.
Farm
Service Agency (FSA) news releases and media advisories are
available at:
http://www.fsa.usda.gov. |
