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PMA Loans Available
As Wheat Harvest Begins
Harvest of the 1961 wheat crop is underway in Rappahannock county now, and the Production and Marketing Administration suggests that farmers consider carefully before selling their grain.
Wheat growers ark reminded by H. 9. Barksdale, PMA county1 chairman, that priee support loans, announced earlier this year, are available through the local PMA office in Washington. If growers don’t need immediate cash, they; can get price protection by taking out a purchase agreement with PMA. That’s a plan whereby the. producer keeps title to his stored grain but has the option of delivering to PMA at the support rate if he cannot otherwise find a suitable market.
The support rate on wheat is 90 per cent of parity on July 1, which is the beginning of the marketing year.'
The 1961 wheat loan rate in Rappahannock county is $2.36 per bushel for U.S. No. 1 grade. The base rate in 1956 was $2.20 a bushel. Discounts apply to wheat below No. 1 grade. To be eligible it must be at least No. 3, or may be No. 4 or 5 solely on the factor of test weight. There are other discounts for smut and garlic content.
A.feature of the 1961 loan proi gram, different from last year, is that fanners mast pay their own storage charges, Mr. Barkadafte explained. The storage charge in warehouses approved to store wheat under loan is fixed under s Uniform Grain Storage Agreement with PMA. It amounts to 11 cents s bushel on wbeateplaced in storage before September 22, 1961 After that date it is pro-rated.
"There ere a number of ffcetors for producers to consider beforel they can decide* whether or not it is to their advantage to take out wheat loans,” Mr. Barksdale pointed out. "The PMA county office will be very glad bo give growers full details on the loan program.”
Mr. Barksdale further noted that a price support program, similar to that on wheat, is offered in barley, oats, and rye. The barley 'loan rate is $1.26 a bushel for No. 1 grade; the oats is 63 cents a bushel for No. 3 or better; and the rye is $1.42 a bushel for No. 2 grade. The PMA office has details on these programs.
Warehouses where growers in this part of the staite would normally deliver grain are R&pidan Milling Co., R&pidan, and H. A. Spangler, Riverton, states the PMA office. The facilities are approved by PMA to handle and store wheat under loan.
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