News from the USDA:
USDA’s Farm Service Agency (FSA) announced Monday several adjustments to
commodity loan programs to accommodate the automatic funding reductions
known as sequester that are mandated by the Balanced Budget and
Emergency Deficit Control Act of 1985 as amended by the Budget Control
Act of 2011.
The programs, which
provide interim financing for agricultural commodities to be stored
after harvest and sold throughout the year when unaffected by
harvest-season pressure on prices, are subject to sequester reductions
of 5.1 percent. With commodity loan programs operating on a crop year
basis and Sept. 30 marking the end of the federal fiscal year,
adjustments will occur for the 2013 crop year as follows:
Loan-making for all commodities will be suspended on Oct. 1
and are targeted to resume mid-October. Loan repayment and loan
servicing for all disbursed commodity loans will continue. Beginning in
mid-October, the 2013 crop loans, and if applicable, loan deficiency
payments (LDPs) will receive 5.1 percent reductions. Re-pledged 2012
crop sugar loans are not subject to sequester. 2013 crop loan rates are
not affected.
Commodity loans issued by FSA, marketing associations and loan servicing agents are all subject to these reductions.
No comments:
Post a Comment