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ASCS amends
rate schedule
The loan and purchase rate for Rappahannock County’s 1987 crop wheat is $2.36 per bushel, down 2 cents per bushel from the 1986 rate, according to T. V. Williams Jr., chairman of the Agricultural Stabilization and Conservation Service, ASCS Committee.
Mr. Williams said that for the first time the rates reflect relative county market prices arrived at by using the same method for determining posted prices used for exchanging commodity certificates. “Loan and purchase rates for the remaining feed grains will be determined in the same manner,” he said.
Price support loan programs are administered by ASCS. To qualify for loans, Mr. Williams said farmers need only to comply with acreage reduction program provisions. “Price support loans give farmers an opportunity to obtain operating capital while holding their crop for later sale.” By holding the crop and spreading marketing over a ninemonth period, he said producers help minimize market gluts, extreme price swings and transportation bottlenecks.
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