Policy/Noteworthy: USDA Delivers First Action For New 2008 Farm Bill Announcing Crop Loan, LDP Provisions and Loan Rates - Audio

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Agricultural and Food Policy
Agri Outlook Radio
Number 180

Policy/Noteworthy: USDA Delivers First Action For New 2008 Farm Bill Announcing Crop Loan, LDP Provisions and Loan Rates (1:43 minutes)

Audio/Video Script:

Robert Coats, Ph.D.
Extension Economist and Professor
University of Arkansas, Division of Agriculture

USDA delivers first action for the new 2008 farm bill. With the enactment of the farm bills commodity title and with the farm bill only three weeks old, USDA is implementing marketing assistance loan and loan deficiency payment (LDP) provisions.

As required by the 2008 Farm Bill, national loan rates are established at the same levels as those established for the 2007 crop, with the exception of rice. Select national loan rates follow:

National Loan Rates for 2008
Wheat	$2.75	per bushel
Corn	$1.95	per bushel
Grain Sorghum	$1.95	per bushel
Barley	$1.85	per bushel
Oats	$1.33	per bushel
Soybeans	$5.00	per bushel
Other Oilseeds	$9.30	per hundredweight for each "other" oilseed
Rice, long grain	$6.50	per hundredweight
Rice, medium grain	$6.50	per hundredweight
Small Chickpeas	$7.43	per hundredweight
Dry Peas	$6.22	per hundredweight
Lentils	$11.72	per hundredweight

For rice starting with the 2008 crop, the 2008 farm bill specifies national loan rates for both long grain rice and medium grain rice.

For rice stored in commercial warehouses, the whole kernel milled rice loan rates for the 2008 crop are $10.00 per hundredweight for long grain and $9.78 for medium/short grain. National average rough rice loan rates by class are $6.50 per hundredweight for long grain and $6.50 per hundredweight for medium/short grain.

This has been Robert Coats Extension Economist University of Arkansas Division of Agriculture.

Farm Service Agency (FSA) Web site

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Agricultural and Food Policy Agri Outlook Radio Number 180

Agricultural and Food Policy
Agri Outlook Radio
Number 180