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USDA Lentil Loan Rate Starts High
WASHINGTON - Sep 4/02 - STAT -- The loan rate applied to 2002 crop lentils is high in terms of recent history, but it remains to be seen if crop production problems in western Canada will lift markets for medium and small green lentils to levels which justify the number developed by the USDA.
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.
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