The final date is fast approaching for Missouri farmers to apply for loans and loan deficiency payments
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The final date is fast approaching for Missouri farmers to apply for loans and loan deficiency payments for a variety of crops, according to Kirby Payne, County Executive Director for the Daviess County Farm Service Agency (FSA).
“May 31 is the final date for producers to apply for nonrecourse marketing assistance loans and LDP’s for 2000-crop year corn, grain sorghum, soybeans, and sunflower seeds,” said Payne.
There are also a number of eligibility requirements products should keep in mind.
To receive a loan, Payne said the producer must retain beneficial interest in the commodity from the time of harvest until the loan is redeemed. Commodities that are pledged as collateral on nonrecourse loans must also meet the Commodity Credit Corporation’s minimum grade and quality standards.
For LDP’s, beneficial interest must be retained from the time of harvest through the date the LDP is requested.
Payne said producers must comply with applicable conservation and wetland protection requirements.
The Agricultural Appropriations Act of 2001 made a one-time exception to the beneficial interest requirement, according to Payne. “The appropriations act allowed producers to apply for LDP’s on commodities with a May 31 final loan availability date if the crops were harvested and marketed before April 12. For crops harvested and marketed after that date, producers must satisfy the regular beneficial interest requirements,” he said.
Producers who think they are eligible for marketing assistance loans and loan deficiency payments should contact FSA for program details. The Daviess County FSA Office, 209 Ash Street, 660-663-3703, is open Monday through Friday, 7:45 a.m. to 4:30 p.m.