USDA Sets 2007 Pulse Loan Rates

WASHINGTON - Feb 27/07 - SNS -- The USDA has set 2007 crop loan rates for small chickpeas, field peas and lentils.

The national rates were set by statute when the current iteration of the U.S. Farm Bill was enacted. For the 2004 through 2007 crops, national rates by statute are U.S. $7.43 per 100 pounds (cwt) for small chickpeas, $6.22 per cwt for dry peas and $11.72 per cwt for lentils.

The 2007-crop West Region dry pea loan rate is $6.63 per cwt; the East Region loan rate is $6.12 per cwt. The West Region lentil loan rate is $13.31 per cwt; the East Region loan rate is $10.97 per cwt. These rates average to the national rate based on recent regional production shares and pricing information.

The West Region includes the Palouse (Idaho, Oregon and Washington) and other states west of the Rocky Mountains (Alaska, Arizona, California, Hawaii, Nevada, New Mexico and Utah). The East Region includes Montana, North Dakota and all other states not in the West Region.

USDA determined that there is insufficient reliable market information to establish regional loan rates for small chickpeas. The national rate of $7.43 per cwt applies for all producing areas.