Pulse Crop Program

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Pulse Crops: Summary of 2002-2007 Program

Overview

The Farm Security and Rural Investment Act of 2002 (2002 Act) provides, for the first time, marketing assistance loans and loan deficiency payment provisions for dry peas, lentils, and small chickpeas for the 2002-2007 crops. Marketing assistance loans provide interim financing on eligible production and facilitate the orderly marketing of loan eligible commodities throughout the year.

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Eligibility Requirements

Nonrecourse Marketing Assistance Loans -

Nonrecourse Marketing Assistance Loans and Loan Deficiency Payments

Other Loan Eligibility Requirements

Beneficial Interest

Control of the commodity

Risk of loss in the commodity

Title to the commodity

Loan Settlements

Loan Repayment Rates

Interest Rate

LDPs for Pulses Sold Upon Harvest

Final Loan/LDP Availability Dates

Commodity Certificates

Production Evidence

Planting Flexibility

Adjusted Gross Income and Payment Limitations

Adjusted Gross Income Limitation

Payment Limitations

Direct Payments

Counter-cyclical Payments

Marketing Loan Gains and Loan Deficiency Payments

Loan rates:

For lentils and small chickpeas, the national loan rate is applied uniformly in all counties;

For dry peas, two regional loan rates were established and apply uniformly in all counties within those regions;

Are based on the county where the commodities are stored; and

May be adjusted by CCC with premiums and discounts to reflect quality factors of a given quantity placed under loan.

Pulse Crop Loan Rates Per Hundredweight (cwt): 2002-2007

Pulse Crop	2002-2003 1/	2004-2007
Dry Peas	$6.33	$6.22
Lentils	$11.94	$11.72
Small Chickpeas	$7.56	$7.43

1/ #1 grade loan rates for 2002 crop. Feed grade dry peas, #3 grade lentils, and #3 grade small chickpeas loan rates for 2003-2007 crops.


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	View the weekly Pulse Crop LDP rates


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