FSA Notes: Farm stored grain loans

We would like to remind producers of the interim financing provided by obtaining commodity loans with Commodity Credit Corporation (CCC) for eligible harvested production.  The CCC nine month marketing assistance loan provides financing allowing producers to store production for later marketing.

The 2011 marketing assistance loans are available for producers who share in the risk of producing the eligible crop and maintain beneficial interest in the eligible crop through the duration of the loan.  Beneficial interest means retaining the ability to make decisions about the commodity, responsibility for loss or damage to the commodity and title to the commodity.  Once beneficial interest in a commodity is lost, the commodity is ineligible for loan, even if you regain beneficial interest.

For commodities to be eligible, they must have been produced by an eligible producer, be in existence, and in a storable condition.  Commodities harvested from ACRE and non-ACRE farms must be distinguished separately and placed under separate loans.  The county commodity loan rate will be reduced by 30 percent for the ACRE enrolled commodity quantities placed under loan.

The 2008 Farm Bill established national loan rates.  The county commodity loan rates are based on each commodity's national loan rate and vary by county based on the average prices and production of the county where the commodity is stored.

The Clay County loan rate for 2011 Corn is $1.82/bu., and the rate for 2011 soybeans is $4.88/bu.  To better serve you, please contact our office, at 624-7060 Ext. #2, prior to obtaining a farm-stored commodity loan.  If you have other commodities that you are interested in obtaining a loan, please contact the office for those loan rates.  Interest rate for October is 1.125%.

County Committee Elections

This year LAA #1 will be holding an election to select a county committee representative.  Every third year each LAA must elect a committee person to represent their area for a three-year term. In 2011, the election will be held LAA #1 which consists of Star, Bethel, Meckling and Spirit Mound townships.  Nominees are Peggy Nelsen and Mike Nelson.

Ballots will be mailed to all eligible voters November 4, 2011.  If you don't receive a ballot, notify the county office. Ballots must be completed, signed and returned to the Clay County FSA office, or postmarked, by December 5, 2011.  Ballots will be counted on December 7, 2011.

The County Committee keeps farmers informed and oversees the administration of FSA programs on the local level.  They keep the State FSA Committee informed of local weather and crop conditions and recommend needed changes in farm programs. FSA strongly encourages women and minorities to participate in all of its programs, including the County FSA Committee election process.  Get involved, vote!

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