7 U.S.C. § 7932 — Loan rates for nonrecourse marketing assistance loans

This section sets the loan rate — the price per unit the government uses for marketing assistance loans — for many farm commodities. It has two rate tables and two extra rules.

(a) Loan rates for the 2002 and 2003 crop years. For these two years, the loan rate for each commodity is:

• Wheat: $2.80 per bushel.
• Corn: $1.98 per bushel.
• Grain sorghum: $1.98 per bushel.
• Barley: $1.88 per bushel.
• Oats: $1.35 per bushel.
• Upland cotton: $0.52 per pound.
• Extra long staple cotton^*: $0.7977 per pound.
• Rice: $6.50 per hundredweight (every 100 pounds).
• Soybeans: $5.00 per bushel.
• Other oilseeds (sunflower seed, rapeseed, canola, safflower, flaxseed, mustard seed, crambe, sesame seed, and other oilseeds the Secretary^* names): $0.0960 per pound.
• Graded wool: $1.00 per pound.
• Nongraded wool: $0.40 per pound.
• Mohair: $4.20 per pound.
• Honey: $0.60 per pound.
• Dry peas: $6.33 per hundredweight.
• Lentils: $11.94 per hundredweight.
• Small chickpeas: $7.56 per hundredweight.

(b) Loan rates for the 2004 through 2007 crop years. For these four years, most rates drop slightly:

• Wheat: $2.75 per bushel.
• Corn: $1.95 per bushel.
• Grain sorghum: $1.95 per bushel.
• Barley: $1.85 per bushel.
• Oats: $1.33 per bushel.
• Upland cotton: $0.52 per pound (same as before).
• Extra long staple cotton: $0.7977 per pound (same as before).
• Rice: $6.50 per hundredweight (same as before).
• Soybeans: $5.00 per bushel (same as before).
• Other oilseeds: $0.0930 per pound.
• Graded wool: $1.00 per pound (same as before).
• Nongraded wool: $0.40 per pound (same as before).
• Mohair: $4.20 per pound (same as before).
• Honey: $0.60 per pound (same as before).
• Dry peas: $6.22 per hundredweight.
• Lentils: $11.72 per hundredweight.
• Small chickpeas: $7.43 per hundredweight.

(c) One rate per county for oilseeds. For the "other oilseeds" listed above, the Secretary must set just one loan rate for each county — not different rates for different farms in the same county.

(d) Quality grades. To figure out the loan rate for dry peas, lentils, and small chickpeas, the Secretary must use specific quality grades. Dry peas are graded as United States feed peas. Lentils are graded as United States number 3 lentils. Small chickpeas are graded as United States number 3 small chickpeas that fall through a screen with 20/64-inch openings.