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Peas, Lentil Chickpea Loan Rates Set
WASHINGTON - Sep 4/02 - STAT -- The USDA set the loan rates for peas, lentils and small chickpeas for 2002, applying the loan uniformly throughout all counties in the United States.
The lentil loan rate of U.S. $11.94 per 100 pounds (cwt) will apply uniformly to No 1 grade quality lentils throughout all counties in the United States. Low-quality lentils also will be eligible for a nonrecourse loan at a reduced loan rate. The loan rate discounts per cwt for grades lower than No 1 are: $0.75 for grade No 2; $1.25 for grade No 3; and $4.00 for sample grade. All grades will receive the same loan deficiency payment rate.
The small chickpea loan rate is $7.56 per cwt and applies only to chickpeas of a size that can drop through a 20/64 grading screen. This loan rate also will apply nationwide. Low-quality small chickpeas will be eligible for a nonrecourse loan at a reduced loan rate. Loan rate discounts per cwt for grades lower than grade No 1 are: $1.00 for grade No 2; $2.25 for grade No 3; and $3.50 for sample grade. All grades of small chickpeas will receive the same loan deficiency rate.
The dry pea loan rate of $6.33 will apply nationwide. Low-quality dry peas will be eligible for a nonrecourse loan at a reduced loan rate. The loan rate discounts per cwt for grades lower than grade No 1 are $0.50 for grade No 2; $1.00 for grade No 3; and $2.50 for sample grade. All grades of dry peas will receive the same loan deficiency payment rate.
Markets were mostly surprised by the numbers, viewing the loan rate for lentils as surprisingly high, while the loan for small chickpeas and field peas ended up at more neutral levels in terms of the historic internal U.S. domestic market for these commodities.
Rationalizing the decision, the USDA said, "Production and pricing data for the pulse crops are incomplete for areas with known production. Therefore, USDA will hold stakeholder meetings over the coming months to help refine regional repayment rates and loan rates for the coming year. Until these meetings are complete and appropriate data are collected, USDA will use national loan rates for the pulse crops."
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