USDA Announces 2024 Wool and Mohair Marketing Assistance Loan Rates
December 28, 2023
The U.S. Department of Agriculture (USDA) Commodity Credit Corporation today announced Marketing Assistance Loan rates for 2024-crop graded wool by micron class. Loan rates for ungraded wool and mohair are unchanged and remained the same from the prior crop year.
Marketing Assistance Loans and Loan Deficiency Payments – which are marketing tools available to producers upon harvest or shearing – are available for graded wool, ungraded wool and mohair. Unshorn pelts are eligible for LDP only. The unshorn pelt LDP rate is based on the ungraded wool LDP rate multiplied by the average weight of an unshorn pelt (6.865 pounds).
Here are the rates:
Marketing Assistance Loans provide producers interim financing at harvest time to meet cash flow needs without having to sell their commodities when market prices are typically at harvest-time lows. Loan Deficiency Payments are payments made to producers who, although eligible to obtain a CCC loan, agree to forgo the loan in return for a payment on the eligible commodity.
To learn more about USDA Farm Service Agency programs, producers can contact their local USDA Service Center. Producers can also prepare maps for acreage reporting as well as manage farm loans and view other farm records data and customer information by logging into their farmers.gov account. If you don’t have an account, sign up today.
USDA touches the lives of all Americans each day in so many positive ways. Under the Biden-Harris administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America.
To learn more, visit usda.gov.
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