US: USDA announces loan rates for 2024-crop peanuts

Published Jun 6, 2024

Tridge summary

The U.S. Department of Agriculture's Commodity Credit Corporation announced the loan rates for the 2024 peanut crop, effective from August 1, in conjunction with the 2018 Farm Bill. These loans, available through local Farm Service Agency county offices, provide interim financing for producers and facilitate the distribution of loan-eligible peanuts. The loan values are calculated based on quality factors and production averages, with additional discounts for lower quality kernels and foreign materials. The Biden-Harris administration is focusing on local and regional food production, fairer markets, and safe, healthy food access, and is making significant investments in rural infrastructure and clean energy. Producers can manage their farm loans and records through their farmers.gov account.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

1400 Independence Ave. SW Washington, DC 20250 FPAC.BC.Press@usda.govWASHINGTON, June 6, 2024 – The U.S. Department of Agriculture’s (USDA) Commodity Credit Corporation (CCC) today announced 2024-crop loan rates for four types of peanuts. The rates take effect Aug 1, 2024, the beginning of the peanut crop year. Eligible producers can obtain peanut loans through their local Farm Service Agency (FSA) county offices or alternative delivery partners, such as Designated Marketing Associations (DMA) and Cooperative Marketing Associations (CMA). These loans provide producers with interim financing on their production and facilitate the orderly distribution of loan-eligible peanuts throughout the year. The 2018 Farm Bill established the national loan rate for peanuts at $355 per ton. CCC calculated the price support levels for each peanut type using the same method as last year. The 2024 Crop Peanut Loan Rate was calculated using the national loan rate and five-year average quality ...

Source: USDA