Title 7 — Agriculture
Chapter 115 — Agricultural Commodity Policy and Programs
§ 9032. Loan rates for nonrecourse marketing assistance loans
Statutory text
2014 through 2018 crop years
For purposes of each of the 2014 through 2018 crop years, the loan rate for a marketing assistance loan under section 9031 of this title for a loan commodity shall be equal to the following:
In the case of wheat, $2.94 per bushel.
In the case of corn, $1.95 per bushel.
In the case of grain sorghum, $1.95 per bushel.
In the case of barley, $1.95 per bushel.
In the case of oats, $1.39 per bushel.
In the case of base quality of upland cotton, for each of the 2014 through 2018 crop years, the simple average of the adjusted prevailing world price for the 2 immediately preceding marketing years, as determined by the Secretary and announced October 1 preceding the next domestic plantings, but in no case less than $0.45 per pound or more than $0.52 per pound.
In the case of extra long staple cotton, $0.7977 per pound.
In the case of long grain rice, $6.50 per hundredweight.
In the case of medium grain rice, $6.50 per hundredweight.
In the case of soybeans, $5.00 per bushel.
In the case of other oilseeds, $10.09 per hundredweight for each of the following kinds of oilseeds:
Sunflower seed.
Rapeseed.
Canola.
Safflower.
Flaxseed.
Mustard seed.
Crambe.
Sesame seed.
Other oilseeds designated by the Secretary.
In the case of dry peas, $5.40 per hundredweight.
In the case of lentils, $11.28 per hundredweight.
In the case of small chickpeas, $7.43 per hundredweight.
In the case of large chickpeas, $11.28 per hundredweight.
In the case of graded wool, $1.15 per pound.
In the case of nongraded wool, $0.40 per pound.
In the case of mohair, $4.20 per pound.
In the case of honey, $0.69 per pound.
In the case of peanuts, $355 per ton.
2019 through 2025 crop years
For purposes of each of the 2019 through 2025 crop years, the loan rate for a marketing assistance loan under section 9031 of this title for a loan commodity shall be equal to the following:
In the case of wheat, $3.38 per bushel.
In the case of corn, $2.20 per bushel.
In the case of grain sorghum, $2.20 per bushel.
In the case of barley, $2.50 per bushel.
In the case of oats, $2.00 per bushel.
Subject to subparagraphs (B) and (C), in the case of base quality of upland cotton, the simple average of the adjusted prevailing world price for the 2 immediately preceding marketing years, as determined by the Secretary and announced October 1 preceding the next domestic planting.
Except as provided in subparagraph (C), the loan rate determined under subparagraph (A) may not equal less than an amount equal to 98 percent of the loan rate for base quality of upland cotton for the preceding year.
The loan rate determined under subparagraph (A) may not be equal to an amount—
less than $0.45 per pound; or
more than $0.52 per pound.
In the case of extra long staple cotton, $0.95 per pound.
In the case of long grain rice, $7.00 per hundredweight.
In the case of medium grain rice, $7.00 per hundredweight.
In the case of soybeans, $6.20 per bushel.
In the case of other oilseeds, $10.09 per hundredweight for each of the following kinds of oilseeds:
Sunflower seed.
Rapeseed.
Canola.
Safflower.
Flaxseed.
Mustard seed.
Crambe.
Sesame seed.
Other oilseeds designated by the Secretary.
In the case of dry peas, $6.15 per hundredweight.
In the case of lentils, $13.00 per hundredweight.
In the case of small chickpeas, $10.00 per hundredweight.
In the case of large chickpeas, $14.00 per hundredweight.
In the case of graded wool, $1.15 per pound.
In the case of nongraded wool, $0.40 per pound.
In the case of mohair, $4.20 per pound.
In the case of honey, $0.69 per pound.
In the case of peanuts, $355 per ton.
2026 through 2031 crop years
For purposes of each of the 2026 through 2031 crop years, the loan rate for a marketing assistance loan under section 9031 of this title for a loan commodity shall be equal to the following:
In the case of wheat, $3.72 per bushel.
In the case of corn, $2.42 per bushel.
In the case of grain sorghum, $2.42 per bushel.
In the case of barley, $2.75 per bushel.
In the case of oats, $2.20 per bushel.
In the case of upland cotton, $0.55 per pound.
In the case of extra long staple cotton, $1.00 per pound.
In the case of long grain rice, $7.70 per hundredweight.
In the case of medium grain rice, $7.70 per hundredweight.
In the case of soybeans, $6.82 per bushel.
In the case of other oilseeds, $11.10 per hundredweight for each of the following kinds of oilseeds:
Sunflower seed.
Rapeseed.
Canola.
Safflower.
Flaxseed.
Mustard seed.
Crambe.
Sesame seed.
Other oilseeds designated by the Secretary.
In the case of dry peas, $6.87 per hundredweight.
In the case of lentils, $14.30 per hundredweight.
In the case of small chickpeas, $11.00 per hundredweight.
In the case of large chickpeas, $15.40 per hundredweight.
In the case of graded wool, $1.60 per pound.
In the case of nongraded wool, $0.55 per pound.
In the case of mohair, $5.00 per pound.
In the case of honey, $1.50 per pound.
In the case of peanuts, $390 per ton.
Single county loan rate for other oilseeds
The Secretary shall establish a single loan rate in each county for each kind of other oilseeds described in subsections (a)(11), (b)(11), and (c)(11).
Seed cotton
In general
For purposes of section 9016 (b)(2) of this title and paragraphs (1)(B)(ii) and (2)(A)(ii)(II) of section 9017(b) of this title, the loan rate for seed cotton shall be deemed to be equal to $0.30 per pound.
Effect
Nothing in this subsection authorizes any nonrecourse marketing assistance loan under this subchapter for seed cotton.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Agricultural Act of 2014
Pub. L. 113–79 title I § 1202 · 128 Stat. 649
Enacted · 7 U.S.C. § 9032
Pub. L. 113–79, title I, § 1202, Feb. 7, 2014, 128 Stat. 675
Source evidence
Code source credit
Pub. L. 113–79, title I, § 1202, Feb. 7, 2014, 128 Stat. 675Enacted provision · exact public law section
SEC. 1202. LOAN RATES FOR NONRECOURSE MARKETING ASSISTANCE LOANS. (a) In General.— For purposes of each of the 2014 through 2018 crop years, the loan rate for a marketing assistance loan under section 1201 for a loan commodity shall be equal to the following: (1) In the case of wheat, $2.94 per bushel. (2) In the case of corn, $1.95 per bushel. (3) In the case of grain sorghum, $1.95 per bushel. (4) In the case of barley, $1.95 per bushel. (5) In the case of oats, $1.39 per bushel. (6) In the case of base quality of upland cotton, for each of the 2014 through 2018 crop years, the simple average of the adjusted prevailing world price for the 2 immediately preceding marketing years, as determined by the Secretary and announced October 1 preceding the next domestic plantings, but in no case less than $0.45 per pound or more than $0.52 per pound. (7) In the case of extra long staple cotton, $0.7977 per pound. (8) In the case of long grain rice, $6.50 per hundredweight. (9) In the case of medium grain rice, $6.50 per hundredweight. (10) In the case of soybeans, $5.00 per bushel. (11) In the case of other oilseeds, $10.09 per hundredweight for each of the following kinds of oilseeds: (A) Sunflower seed. (B) Rapeseed. (C) Canola. (D) Safflower. (E) Flaxseed. (F) Mustard seed. (G) Crambe. (H) Sesame seed. (I) Other oilseeds designated by the Secretary. (12) In the case of dry peas, $5.40 per hundredweight. (13) In the case of lentils, $11.28 per hundredweight. (14) In the case of small chickpeas, $7.43 per hundredweight. (15) In the case of large chickpeas, $11.28 per hundredweight. (16) In the case of graded wool, $1.15 per pound. (17) In the case of nongraded wool, $0.40 per pound. (18) In the case of mohair, $4.20 per pound. (19) In the case of honey, $0.69 per pound. (20) In the case of peanuts, $355 per ton. (b) Single County Loan Rate for Other Oilseeds.— The Secretary shall establish a single loan rate in each county for each kind of other oilseeds described in subsection (a)(11).Improvements to Agriculture Programs Act of 2018
Pub. L. 115–123 div. F § 60101(a)(9) · 132 Stat. 64
Added · 7 U.S.C. § 9032(c)
Pub. L. 115–123 added subsec. (c)
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 115–123 added subsec. (c).Enacted provision · exact public law section
(9) Deemed loan rate for seed cotton.— Section 1202 of the Agricultural Act of 2014 (7 U.S.C. 9032) is amended by adding at the end the following: “(c) Seed Cotton.— “(1) In general.— For purposes of section 1116(b)(2) and paragraphs (1)(B)(ii) and (2)(A)(ii)(II) of section 1117(b), the loan rate for seed cotton shall be deemed to be equal to $0.25 per pound. “(2) Effect.— Nothing in this subsection authorizes any nonrecourse marketing assistance loan under this subtitle for seed cotton.” .Effective date note
Amendment by Pub. L. 115–123 applicable beginning with the 2018 crop year, see section 60101(a)(13) of Pub. L. 115–123, set out as a note under section 9011 of this title.Agriculture Improvement Act of 2018
Pub. L. 115–334 § 1202(a)(1) · 132 Stat. 4490
Substituted · 7 U.S.C. § 9032(a)
Pub. L. 115–334, § 1202(a)(1), substituted “2014 through 2018 crop years” for “In general” in heading
Source evidence
Code amendment note
Subsec. (a). Pub. L. 115–334, § 1202(a)(1), substituted “2014 through 2018 crop years” for “In general” in heading.Enacted provision · exact public law section
(1) in subsection (a), by striking the subsection heading and inserting “2014 through 2018 crop years”;Agriculture Improvement Act of 2018
Pub. L. 115–334 § 1202(a)(3) · 132 Stat. 4490
Redesignated · 7 U.S.C. § 9032(b)
Pub. L. 115–334, § 1202(a)(3), added subsec. (b). Former subsec. (b) redesignated (c)
Source evidence
Code amendment note
Subsec. (b). Pub. L. 115–334, § 1202(a)(3), added subsec. (b). Former subsec. (b) redesignated (c).Enacted provision · exact public law section
(3) by inserting after subsection (a) the following: “(b) 2019 Through 2023 Crop Years.— For purposes of each of the 2019 through 2023 crop years, the loan rate for a marketing assistance loan under section 1201 for a loan commodity shall be equal to the following: “(1) In the case of wheat, $3.38 per bushel. “(2) In the case of corn, $2.20 per bushel. “(3) In the case of grain sorghum, $2.20 per bushel. “(4) In the case of barley, $2.50 per bushel. “(5) In the case of oats, $2.00 per bushel. “(6) (A) Subject to subparagraphs (B) and (C), in the case of base quality of upland cotton, the simple average of the adjusted prevailing world price for the 2 immediately preceding marketing years, as determined by the Secretary and announced October 1 preceding the next domestic planting. “(B) Except as provided in subparagraph (C), the loan rate determined under subparagraph (A) may not equal less than an amount equal to 98 percent of the loan rate for base quality of upland cotton for the preceding year. “(C) The loan rate determined under subparagraph (A) may not be equal to an amount— “(i) less than $0.45 per pound; or “(ii) more than $0.52 per pound. “(7) In the case of extra long staple cotton, $0.95 per pound. “(8) In the case of long grain rice, $7.00 per hundredweight. “(9) In the case of medium grain rice, $7.00 per hundredweight. “(10) In the case of soybeans, $6.20 per bushel. “(11) In the case of other oilseeds, $10.09 per hundredweight for each of the following kinds of oilseeds: “(A) Sunflower seed. “(B) Rapeseed. “(C) Canola. “(D) Safflower. “(E) Flaxseed. “(F) Mustard seed. “(G) Crambe. “(H) Sesame seed. “(I) Other oilseeds designated by the Secretary. “(12) In the case of dry peas, $6.15 per hundredweight. “(13) In the case of lentils, $13.00 per hundredweight. “(14) In the case of small chickpeas, $10.00 per hundredweight. “(15) In the case of large chickpeas, $14.00 per hundredweight. “(16) In the case of graded wool, $1.15 per pound. “(17) In the case of nongraded wool, $0.40 per pound. “(18) In the case of mohair, $4.20 per pound. “(19) In the case of honey, $0.69 per pound. “(20) In the case of peanuts, $355 per ton.” ; andAgriculture Improvement Act of 2018
Pub. L. 115–334 § 1202(a)(2) · 132 Stat. 4490
Redesignated · 7 U.S.C. § 9032(c)
Pub. L. 115–334, § 1202(a)(2), (4), redesignated subsec. (b) as (c)
Redesignated · 7 U.S.C. § 9032(c)
Pub. L. 115–334, § 1202(a)(2), (4), substituted “subsections (a)(11) and (b)(11)” for “subsection (a)(11)”. Former subsec. (c) redesignated (d)
Source evidence
Code amendment note
Subsec. (c). Pub. L. 115–334, § 1202(a)(2), (4), redesignated subsec. (b) as (c) and substituted “subsections (a)(11) and (b)(11)” for “subsection (a)(11)”. Former subsec. (c) redesignated (d).Enacted provision · exact public law section
(2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively;Agriculture Improvement Act of 2018
Pub. L. 115–334 § 1202(a)(2) · 132 Stat. 4490
Redesignated · 7 U.S.C. § 9032(d)
Pub. L. 115–334, § 1202(a)(2), redesignated subsec. (c) as (d)
Source evidence
Code amendment note
Subsec. (d). Pub. L. 115–334, § 1202(a)(2), redesignated subsec. (c) as (d).Enacted provision · exact public law section
(2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively;Pub. L. 119–21 § 10309(b)(1) · 139 Stat. 93
Substituted · 7 U.S.C. § 9032(b)
Pub. L. 119–21, § 10309(b)(1), substituted “2025” for “2023” in heading and introductory provisions
Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Subsec. (b). Pub. L. 119–21, § 10309(b)(1), substituted “2025” for “2023” in heading and introductory provisions.Pub. L. 119–21 § 10309(b)(3) · 139 Stat. 93
Redesignated · 7 U.S.C. § 9032(c)
Pub. L. 119–21, § 10309(b)(3), added subsec. (c). Former subsec. (c) redesignated (d)
Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Subsec. (c). Pub. L. 119–21, § 10309(b)(3), added subsec. (c). Former subsec. (c) redesignated (d).Pub. L. 119–21 § 10309(b)(2) · 139 Stat. 93
Redesignated · 7 U.S.C. § 9032(d)
Pub. L. 119–21, § 10309(b)(2), (4), redesignated subsec. (c) as (d)
Redesignated · 7 U.S.C. § 9032(d)
Pub. L. 119–21, § 10309(b)(2), (4), substituted “(a)(11), (b)(11), and (c)(11)” for “(a)(11) and (b)(11)”. Former subsec. (d) redesignated (e)
Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Subsec. (d). Pub. L. 119–21, § 10309(b)(2), (4), redesignated subsec. (c) as (d) and substituted “(a)(11), (b)(11), and (c)(11)” for “(a)(11) and (b)(11)”. Former subsec. (d) redesignated (e).Pub. L. 119–21 § 10309(b)(2) · 139 Stat. 93
Redesignated · 7 U.S.C. § 9032(e)
Pub. L. 119–21, § 10309(b)(2), (5), redesignated subsec. (d) as (e)
Substituted · 7 U.S.C. § 9032(e)
Pub. L. 119–21, § 10309(b)(2), (5), substituted “$0.30” for “$0.25”
Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Subsec. (e). Pub. L. 119–21, § 10309(b)(2), (5), redesignated subsec. (d) as (e) and substituted “$0.30” for “$0.25”.
7 of 13 references resolved to an enrolled provision · 6 unresolved
Editorial Notes
Codification
Provisions of law applicable to a loan commodity for the 2024 crop year pursuant to title I of Pub. L. 113–79 applicable to the 2025 crop year for that loan commodity, see section 4101(c)(1) of Pub. L. 118–158, set out in an Extension of Agricultural Programs note under section 9001 of this title.
Provisions of law applicable to a loan commodity for the 2023 crop year pursuant to title I of Pub. L. 113–79 applicable to the 2024 crop year for that loan commodity, see section 102(c)(1) of Pub. L. 118–22, set out in an Extension of Agricultural Programs note under section 9001 of this title.
Amendments2018–2025 · 2 rounds
2025
Subsec. (b). Pub. L. 119–21, § 10309(b)(1), substituted “2025” for “2023” in heading and introductory provisions.
Subsec. (c). Pub. L. 119–21, § 10309(b)(3), added subsec. (c). Former subsec. (c) redesignated (d).
Subsec. (d). Pub. L. 119–21, § 10309(b)(2), (4), redesignated subsec. (c) as (d) and substituted “(a)(11), (b)(11), and (c)(11)” for “(a)(11) and (b)(11)”. Former subsec. (d) redesignated (e).
Subsec. (e). Pub. L. 119–21, § 10309(b)(2), (5), redesignated subsec. (d) as (e) and substituted “$0.30” for “$0.25”.
2018
Subsec. (a). Pub. L. 115–334, § 1202(a)(1), substituted “2014 through 2018 crop years” for “In general” in heading.
Subsec. (b). Pub. L. 115–334, § 1202(a)(3), added subsec. (b). Former subsec. (b) redesignated (c).
Subsec. (c). Pub. L. 115–334, § 1202(a)(2), (4), redesignated subsec. (b) as (c) and substituted “subsections (a)(11) and (b)(11)” for “subsection (a)(11)”. Former subsec. (c) redesignated (d).
Pub. L. 115–123 added subsec. (c).
Subsec. (d). Pub. L. 115–334, § 1202(a)(2), redesignated subsec. (c) as (d).
Statutory Notes and Related Subsidiaries
Effective Date of 2018 Amendment
Amendment by Pub. L. 115–123 applicable beginning with the 2018 crop year, see section 60101(a)(13) of Pub. L. 115–123, set out as a note under section 9011 of this title.