USDA Announces Revised 2009 Large Chickpea Loan Rates
WASHINGTON.- Agriculture Secretary Tom Vilsack announced that the statutory large chickpea marketing assistance loan rate of $11.28 per cwt will apply for the entire country, encompassing both the eastern and western regions.
This modifies the previous USDA announcement on April 8, 2009, which specified separate loan rates for each region. The revision was made because price discovery efforts for large chickpeas proved difficult due to the thin market. Until more comprehensive price data becomes available, using the national loan rate ensures equitable administration of the marketing assistance loan rate for large chickpeas.
“Using the national loan rate for the entire country is important to ensure that there is a fair and accurate loan rate available to producers,” said Vilsack. “We intend to re-evaluate this loan rate if sufficient price data becomes available.”
The 2009 crop of large chickpeas is the first time this crop is eligible for marketing assistance loan (MAL) as mandated by the Food, Conservation, and Energy Act of 2008. It is expected that the 2009 large chickpea crop will be harvested during late summer and into the fall. At this time, 2009 large chickpea loans have not yet been disbursed. USDA will continue to consult with the various segments of the large chickpea industry to assess price data and other information needed to determine the viability of establishing regional loan rates and loan repayment rates for 2010 or subsequent crop years.
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