Farm Service Agency

Public Affairs Staff

1400 Independence Ave SW

Stop 0506, Room 3624-South

Washington, D.C. 20250-0506

Release No. 1458.08

WASHINGTON, DC - July 28, 2008 -The U.S. Department of Agriculture's Commodity Credit Corporation (CCC) today announced that 2008-crop marketing assistance loans and loan deficiency payment programs for the 2008 crops of cotton and peanuts are now available.

Loan rate quality adjustments were announced on June 11, 2008, for cotton and on June 26, 2008, for peanuts. The national average base quality loan rates for the 2008 crop year will be $0.52 cents per pounds for upland cotton, $0.7977 cents per pound for extra long staple cotton, and $355.00 per ton for peanuts.

Marketing Assistance Loans (MALs) provide upland and extra long staple cotton and peanut producers interim financing at harvest time to meet cash flow needs without having to sell their commodities when market prices are typically low at harvest time. Allowing these farmers to store their products at harvest facilitates provides for more orderly marketing of commodities throughout the year. USDA's Farm Service Agency (FSA) administers MALs on behalf of CCC.

NOTE: FSA news releases are available online at: http://www.fsa.usda.gov.