2008 Crop Commodity Loan deadline nears
Farmers planning to use the commodity loan program for their 2008 crop are reminded that March 31, 2009, is the deadline for filing applications for the following 2008 crops: wheat, barley, oats, canola, crambe, flaxseed, rapeseed, sesame seed an...
Farmers planning to use the commodity loan program for their 2008 crop are reminded that March 31, 2009, is the deadline for filing applications for the following 2008 crops: wheat, barley, oats, canola, crambe, flaxseed, rapeseed, sesame seed and honey. March 31 is also the deadline for requesting a loan deficiency payment. However, due to current market prices none of these commodities are currently earning an LDP.
As of March 2, 2009, North Dakota producers had placed under loan the following 2008 crop quantities: 8.6 million bushels of wheat, 21.2 million bushels of corn, 3.8 million bushels of soybeans, 1.5 million bushels of barley, 640,00 cwt of canola, 343,000 cwt of sunflowers, and 926,000 lbs of honey.
To be eligible for loan or LDP, a producer must have complied with the annual program requirements for the farm that produced the crop and maintain beneficial interest in the commodity placed under loan or LDP. Loan eligibility also requires that the commodity must be in a storable condition, meet the specific commodity eligibility requirements, not have been substituted, purchased, bartered or received as a gift, and not have been previously pledged for a loan deficiency payment.
Commodity loan and LDP applications are required to be completed through the county FSA office that maintains the farm program records. Producers considering using the commodity loan program for the listed crops should contact the staff at their local county FSA office to complete an application before the March 31 deadline.