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USDA Raises Interest Rates on Commodity Loans
WASHINGTON - Dec 1/05 - SNS -- The USDA's Commodity Credit Corporation (CCC) increased the interest rate charged commodity loans issued for 1995 and prior crop years at 4.375% for December, up from 4% last month.
Interest rates charged on 1996 and subsequent crop year commodity and marketing assistance loans is 5.375%, up from 5% last month.
The interest rate for farm storage facility loans approved in December 2005 is 4.5%, up from 4.25% in November 2005. The interest rate for sugar storage facility loans for December 2005 is 4.75%, up from 4.375% in November 2005.
Past monthly releases announcing interest rates charged by CCC on commodity and marketing assistance loans disbursed for that particular month reflected the interest rate the U.S. Treasury charged CCC for that month. This was the interest rate specified by CCC since Jan. 1, 1982, but the process of establishing the interest rate was changed by a provision of the Federal Agriculture Improvement and Reform Act of 1996 (the Act), enacted on April 4, 1996.
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