The Farm Service Agency State Executive Director for Ohio, Larry Adams, today announced the 2004 national and county loan rates for corn, grain sorghum, and soybeans, as authorized by the 2002 Farm Bill.
The 2004 county loan rates announced today also continue the market-oriented approach established in 2002 following enactment of the Farm Bill. The county loan rates for each commodity reflect the most recent information available. Price relationships around the country will enhance the market orientation of the corn, grain sorghum and soybean loan and loan deficiency payment (LDP) programs.
In establishing this year's rates, USDA continued to focus special attention on minimizing neighboring-county loan rate variances that are not justified by current market forces.
The 2002 Farm Bill established specific national loan rates for each commodity. For corn and grain sorghum, the 2002 and 2003 national rates are $1.98 per bushel. Beginning in 2004, these rates will be $1.95 per bushel and will remain at that level through 2007. These changes are reflected in the county loan rates announced today. The national soybean rate remains unchanged at $5.00 per bushel, as set forth by the 2002 Farm Bill.
The 2004-crop loan rates for pulse crops will be announced in the near future. The 2004-crop county loan rates for wheat, barley, oats and other oilseeds were announced on Dec. 9, 2003.
The 2004-crop county loan rates for corn, grain sorghum and soybeans will be available on the FSA Web site at http://www.fsa.usda.gov/dafp/psd/LoanRate.htm. County loan rates for wheat, barley, oats and other oilseeds are also available on this site.