Nine-month nonrecourse CCC loans are available for the 2012 crops of corn, rice, sorghum and soybeans. Farmers who are interested in storing their commodity for a period of time prior to sale may pledge the commodity as collateral for a farm-stored loan, or a warehouse loan, if stored in a federal or state licensed warehouse. Farmers usually use CCC’s low interest loans to pay off higher interest rate crop loans, according to David Vidrine, County Executive Director for Beauregard and Vernon Parish Farm Service Agency.

Nine-month nonrecourse CCC loans are available for the 2012 crops of corn, rice, sorghum and soybeans. Farmers who are interested in storing their commodity for a period of time prior to sale may pledge the commodity as collateral for a farm-stored loan, or a warehouse loan, if stored in a federal or state licensed warehouse. Farmers usually use CCC’s low interest loans to pay off higher interest rate crop loans, according to David Vidrine, County Executive Director for Beauregard and Vernon Parish Farm Service Agency.
The 2012 loan rates for Beauregard/Vernon Parish are $2.12 per bushel for corn, $3.61 per hundredweight for grain sorghum and $5.21 per bushel for soybeans. Loan rates for other parishes may vary and can be obtained at local FSA Parish Offices. Rice farm-stored loan rates for all parishes in Louisiana are $6.42 for farm-stored long grain rice and $6.43 for farm-stored medium and short grain rice. Warehouse stored loan rates for rice stored in Louisiana will be based on $10.13 per hundredweight for whole kernel long grain, $9.72 per hundredweight for whole kernel medium grain and $6.03 per hundredweight for broken kernel rice for both long, medium and short grain rice.
Eligible producers may choose to use the nine-month loan program, or, if the regional market price is below the loan rate, receive a loan deficiency payment (LDP) in lieu of using the loan program. At present, there is no LDP rate available on these commodities.
A producer must request a loan and LDP benefits prior to losing any portion of Beneficial Interest. Beneficial Interest is defined as title to and control of the commodity.
Producers who intend to store their commodity on the farm and receive a CCC commodity loan are reminded that their storage structure must provide a safe storage for nine months and must have an acceptable means of aerating and fumigating the commodity. Also, the commodity must be able to be safely measured, inspected and sampled, as determined by FSA. Temporary storage, such as in pods or storage on the ground, is not acceptable for CCC commodity loans. For additional details, contact any local USDA Farm Service Agency Office.