The USDA announced the 2009 Market Assistance Loan Rate for wheat. The loan rate in 2009 is $1.97 per bushel. The Market Assistance Loan Rate provides farmers cash flow at a reasonable rate while wheat is in storage on the farm or at the local elevator. For May the rate is 2.375 percent.
This program helps producers by supplying cash for farmers while crops are in storage to sell for a higher price. Loans are available for nine months, and producers must visit his or her local Farm Service Agency to apply.
Payments are issued through Direct Deposit, so payments may take up to three days following the loan closing.
â€œCommodities that are harvested and stored on the farm or at an approved elevator are eligible for a Market Assistance Loan if the producer maintains beneficial interest in the crop which includes risk, title and control of the commodity. Commodities are not eligible for a farm stored loan if the commodity is stored in wagon or trailer. Producers requesting a Market Assistance Loan have the option to repay the loan at the lower of the posted county price or principal plus interest. Producers with farm stored commodity loans must contact the Farm Service Agency to obtain permission before moving or delivering any commodity under loan,â€ according to The New-Messenger.com.
For those looking for a farm loan contact Farm Plus today. Farm Plus works alongside government agencies like the FSA to obtain farm loans for those in need. Call 866-929-5585 or visit online for more information about farm loans.