Farmers who may be considering a Marketing Assistance Loan to assist with farm financing for 2018 should stop into the Furnas County Farm Service Agency (FSA) office as soon as possible to begin the application process.
Furnas County FSA Executive Director Dillon Breinig said Marketing Assistance Loans (MALs) provide producers with interim financing after harvest to help them meet cash flow needs without having to sell their commodities when market prices are typically at harvest-time lows.
“With Nebraska’s large corn and soybean harvests this year, producers may have placed grain into storage,” Breinig said. “Marketing Assistance Loans offer short-term financing at a reasonable interest rate. It can be a useful tool to meet immediate financing needs and income balancing goals.”
MALs are available for feed grains, soybeans and other oilseeds, wheat, pulse crops, wool, honey and other commodities. The loan rates for key commodities in Furnas County are $1.92/bushel for corn, $4.78/bushel for soybeans and $3.20/bushel for grain sorghum. The November MAL interest rate was 3.625 percent. Contact the county FSA office for December’s MAL interest rate.
“For Furnas County FSA to best serve those interested in marketing assistance loans for the current calendar year, producers should schedule a loan appointment prior to December 15, 2018,” Breinig said. “That should allow us appropriate time to process the loan by December 31, 2018.”
To be eligible for a MAL, producers must have a beneficial interest in the commodity. They also must comply with conservation and wetland protection requirements, submit an acreage report to account for all cropland on the farm and meet adjusted gross income limitations. There are additional requirements and actions that need to be taken before a loan can be processed. Breinig encouraged producers to call (308) 268-3055 Ext. 102 to schedule an appointment and to learn what information they should bring to the appointment.