Clay County FSA Notes By Keith Zanter Marketing loan repayments (MLR) have become applicable due to low grain prices. Producers may take advantage of the marketing loan repayments program if they have grain under 1998 Commodity Credit Corporation (CCC) loan. Grain under CCC loan, may be repaid at the lesser of principal plus interest or at the posted county price in effect on the date of the repayment.
Farm stored grain loans must be repaid before the grain is moved, unless a marketing authorization is requested. A repayment rate may be locked in any time from the approval date of the loan through the earlier of the expiration date of the marketing authorization or the loan maturity date. The rate locked-in on a marketing authorization is good for all grain actually delivered during the marketing period (either 15 or 30 days). If no grain is delivered during the marketing period, the marketing authorization becomes void.
If a repayment rate is not locked-in on the marketing authorization, the repayment rate for quantities actually delivered during the delivery period will be the smaller of the principal plus interest or the posted county price on the day repayment is made, whichever is smaller.
Repayment for the quantity delivered during the authorized delivery period is due immediately following the expiration date of the marketing authorization. Any payment made without proper marketing authorization must be repaid at the principal plus interest. Delivery evidence must be provided to the county office with all types of repayments for quantities delivered during the delivery period of a marketing authorization. Please call the Clay County Farm Service Agency at (605) 624-7060 Ext. 2 before moving CCC grain.