"Where Fillmore County News Comes First"
Online Edition
Thursday, May 23rd, 2013
Volume ∞ Issue ∞
- 11:44:26, May 21st 2013 - airmaxs52274 - Have you ever thought about adding a little bit more than just your a ... [Read More]
- 5:56:33, May 18th 2013 - modgudur - I guess the child is anti-gun control since Obama went to all that trouble ... [Read More]
- 9:27:41, May 16th 2013 - caal girl - Nice outfit on you. I loved some of the dresses but am holding my breath ... [Read More]
- 2:03:34, May 14th 2013 - - Thanks for sharing the trip with us! ... [Read More]
- 4:12:01, May 9th 2013 - Amanda Ziebell - Wow! Thanks to the Fillmore County Journal for this kind story. For a ... [Read More]
- 11:47:30, May 7th 2013 - EW - ramble.....ramble.....ramble..... ... [Read More]
- 10:25:25, May 7th 2013 - Thunder6 - Great article! I love to see the Youth of Fillmore County receiveing acco ... [Read More]
- 6:52:10, May 6th 2013 - Jason Sethre, Publisher of Fillmore County Journal & Olmsted County Journal - Maryh, ... [Read More]
- 7:29:56, May 5th 2013 - maryh - Where are OCJ's available for pickup...other than at the new office? ... [Read More]
- 2:41:47, May 3rd 2013 - Remark1976 - Mrs. Buckbee, I just looked up Senate File 796 and in it there are said p ... [Read More]
Farm service agency news - December 7
Fri, Dec 4th, 2009
Posted in Agriculture
Posted in Agriculture
Comments
Marketing Assistance Loans
Marketing Assistance loans are commodity loans available to producers who share in the risk of producing the crop. To be eligible, you must maintain beneficial interest in the crop through the time of application. 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.
Commodity loan eligibility also requires you comply with conservation and wetland protection requirements, beneficial interest requirements, report how you use cropland acreage on the farm and ensure that the commodity meets CCC minimum grade and quality standards. For commodities to be eligible they must have been produced by an eligible producer, be in existence and in a storable condition and be merchantable for food, feed or other uses as determined by CCC. The quality of the commodity in farm storage must be maintained throughout the term of the loan.
Producers do not have to participate in the Direct and Counter-Cyclical Program to be eligible for commodity loans.
Violating provisions of a marketing assistance loan may trigger administrative actions, such as assessing liquidated damages, calling the loan and denial of future farm-stored loans.
The most common violations are removing or disposing of a commodity being used as loan collateral without prior authorization and providing an incorrect quantity certification.
Our application process has changed this year. Loan applicants will be required to make two trips to the FSA office, one to make application which will start the lien search process and the other to sign the loan note. In prior years we were able to take lien search requests by phone. This option no longer applies. Please plan accordingly. Some other changes this year include: 1) we no longer require warehouse receipts to show storage paid for the 9-month loan period, 2) we require in-handling charges on warehouse receipts to be included on receipt or a specific statement by the warehouse operator stating in-handling charges have been paid. When you make a request for a farm-stored commodity loan, please bring along with you the dimensions of the bin along with test weight and moisture percentage on your first visit as well as for warehouse loan requests, please bring along your warehouse receipts.
Marketing Assistance loans are commodity loans available to producers who share in the risk of producing the crop. To be eligible, you must maintain beneficial interest in the crop through the time of application. 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.
Commodity loan eligibility also requires you comply with conservation and wetland protection requirements, beneficial interest requirements, report how you use cropland acreage on the farm and ensure that the commodity meets CCC minimum grade and quality standards. For commodities to be eligible they must have been produced by an eligible producer, be in existence and in a storable condition and be merchantable for food, feed or other uses as determined by CCC. The quality of the commodity in farm storage must be maintained throughout the term of the loan.
Producers do not have to participate in the Direct and Counter-Cyclical Program to be eligible for commodity loans.
Violating provisions of a marketing assistance loan may trigger administrative actions, such as assessing liquidated damages, calling the loan and denial of future farm-stored loans.
The most common violations are removing or disposing of a commodity being used as loan collateral without prior authorization and providing an incorrect quantity certification.
Our application process has changed this year. Loan applicants will be required to make two trips to the FSA office, one to make application which will start the lien search process and the other to sign the loan note. In prior years we were able to take lien search requests by phone. This option no longer applies. Please plan accordingly. Some other changes this year include: 1) we no longer require warehouse receipts to show storage paid for the 9-month loan period, 2) we require in-handling charges on warehouse receipts to be included on receipt or a specific statement by the warehouse operator stating in-handling charges have been paid. When you make a request for a farm-stored commodity loan, please bring along with you the dimensions of the bin along with test weight and moisture percentage on your first visit as well as for warehouse loan requests, please bring along your warehouse receipts.