Statutes, codes, and regulations
United States Code
Title 7 - AGRICULTUREChapter 106 - COMMODITY PROGRAMS
Subchapter II - MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS
Section 7932 - Loan rates for nonrecourse marketing assistance loans

7 U.S.C. § 7932

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Current through P.L. 118-64 (published on www.congress.gov on 05/24/2024), except for [P. L. 118-63]
Section 7932 - Loan rates for nonrecourse marketing assistance loans
(a) 2002 and 2003 crop years

For purposes of the 2002 and 2003 crop years, the loan rate for a marketing assistance loan under section 7931 of this title for a loan commodity shall be equal to the following:

(1) In the case of wheat, $2.80 per bushel.
(2) In the case of corn, $1.98 per bushel.
(3) In the case of grain sorghum, $1.98 per bushel.
(4) In the case of barley, $1.88 per bushel.
(5) In the case of oats, $1.35 per bushel.
(6) In the case of upland cotton, $0.52 per pound.
(7) In the case of extra long staple cotton, $0.7977 per pound.
(8) In the case of rice, $6.50 per hundredweight.
(9) In the case of soybeans, $5.00 per bushel.
(10) In the case of other oilseeds, $.0960 per pound for each of the following kinds of oilseeds:
(A) Sunflower seed.
(B) Rapeseed.
(C) Canola.
(D) Safflower.
(E) Flaxseed.
(F) Mustard seed.
(G) Crambe.
(H) Sesame seed.
(I) Other oilseeds designated by the Secretary.
(11) In the case of graded wool, $1.00 per pound.
(12) In the case of nongraded wool, $0.40 per pound.
(13) In the case of mohair, $4.20 per pound.
(14) In the case of honey, $0.60 per pound.
(15) In the case of dry peas, $6.33 per hundredweight.
(16) In the case of lentils, $11.94 per hundredweight.
(17) In the case of small chickpeas, $7.56 per hundredweight.
(b) 2004 through 2007 crop years

For purposes of the 2004 through 2007 crop years, the loan rate for a marketing assistance loan under section 7931 of this title for a loan commodity shall be equal to the following:

(1) In the case of wheat, $2.75 per bushel.
(2) In the case of corn, $1.95 per bushel.
(3) In the case of grain sorghum, $1.95 per bushel.
(4) In the case of barley, $1.85 per bushel.
(5) In the case of oats, $1.33 per bushel.
(6) In the case of upland cotton, $0.52 per pound.
(7) In the case of extra long staple cotton, $0.7977 per pound.
(8) In the case of rice, $6.50 per hundredweight.
(9) In the case of soybeans, $5.00 per bushel.
(10) In the case of other oilseeds, $.0930 per pound for each of the following kinds of oilseeds:
(A) Sunflower seed.
(B) Rapeseed.
(C) Canola.
(D) Safflower.
(E) Flaxseed.
(F) Mustard seed.
(G) Crambe.
(H) Sesame seed.
(I) Other oilseeds designated by the Secretary.
(11) In the case of graded wool, $1.00 per pound.
(12) In the case of nongraded wool, $0.40 per pound.
(13) In the case of mohair, $4.20 per pound.
(14) In the case of honey, $0.60 per pound.
(15) In the case of dry peas, $6.22 per hundredweight.
(16) In the case of lentils, $11.72 per hundredweight.
(17) In the case of small chickpeas, $7.43 per hundredweight.
(c) Single county loan rate for other oilseeds

The Secretary shall establish a single loan rate in each county for each kind of other oilseeds described in subsections (a)(10) and (b)(10).

(d) Quality grades for dry peas, lentils, and small chickpeas

The loan rate for dry peas, lentils, and small chickpeas shall be based on-

(1) in the case of dry peas, United States feed peas;
(2) in the case of lentils, United States number 3 lentils; and
(3) in the case of small chickpeas, United States number 3 small chickpeas that drop below a 20/64 screen.

7 U.S.C. § 7932

Pub. L. 107-171, title I, §12021202,, 116 Stat. 155; Pub. L. 108-7, div. A, title VII, §763(b), Feb. 20, 2003, 117 Stat. 46.

EDITORIAL NOTES

AMENDMENTS2003-Subsec. (a)(10). Pub. L. 108-7, §763(b)(1), added par. (10) and struck out former par. (10) which read as follows: "In the case of other oilseeds, $0.0960 per pound."Subsec. (b)(10). Pub. L. 108-7, §763(b)(2), added par. (10) and struck out former par. (10) which read as follows: "In the case of other oilseeds, $0.0930 per pound." Subsecs. (c), (d). Pub. L. 108-7, §763(b)(3), added subsecs. (c) and (d).

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATE OF 2003 AMENDMENT Amendment by Pub. L. 108-7 applicable beginning with the 2003 crop of other oilseeds, dry peas, lentils, and small chickpeas, see section 763(d) of Pub. L. 108-7 set out as a note under section 7901 of this title.

Secretary
The term "Secretary" means the Secretary of Agriculture.
extra long staple cotton
The term "extra long staple cotton" means cotton that-(A) is produced from pure strain varieties of the Barbadense species or any hybrid thereof, or other similar types of extra long staple cotton, designated by the Secretary, having characteristics needed for various end uses for which United States upland cotton is not suitable and grown in irrigated cotton-growing regions of the United States designated by the Secretary or other areas designated by the Secretary as suitable for the production of the varieties or types; and(B) is ginned on a roller-type gin or, if authorized by the Secretary, ginned on another type gin for experimental purposes.
loan commodity
The term "loan commodity" means wheat, corn, grain sorghum, barley, oats, upland cotton, extra long staple cotton, rice, soybeans, other oilseeds, wool, mohair, honey, dry peas, lentils, and small chickpeas.