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THE U.S. Department of Agriculture (USDA) has announced an < increase in the interest rate on commodity loans to cotton and grain producers effective with 1974 crop year loans.
The increase, from 5.5 to 7.25 percent per annum, computed on a daily basis, will more nearly reflect the borrowing cost of money to the Commodity Credit Corporation (CCC).
In making the announcement the Department said that every six months the CCC will review interest charges for the CCC Loan Program with the goal of keeping the rate of interest charged to producers in line with CCC borrowing cost from the U.S. Treasury.
Also announced is an increase in warehouse and farm storage loan service fees “to reflect additional costs in processing commodity loans on grains and similarly handled commodities, cotton and seed cotton.”
96.5%