(LINCOLN, Neb.) – Farmers who may be considering a Marketing Assistance Loan to assist with farm financing for 2016 should stop into their county Farm Service Agency (FSA) office as soon as possible to begin the process.

 Nebraska FSA State Executive Director Dan Steinkruger said Marketing Assistance Loans (MALs) provide producers with interim financing after harvest to help them meet cash flow needs without having to sell their commodities when market prices are typically at harvest-time lows.

“With Nebraska’s large corn and soybean harvests this year, we know a great deal of grain went into storage,” Steinkruger said. “Marketing Assistance Loans offer short-term financing at a reasonable interest rate. It can be a useful tool to meet immediate financing needs and income balancing goals.”

MALs are available for feed grains, soybeans and other oilseeds, wheat, pulse crops, wool, honey and other commodities. The national loan rates for key commodities in Nebraska are $1.95/bushel for corn, $5/bushel for soybeans and $1.95/bushel for grain sorghum, although county loan rates vary. The November MAL interest rate is 1.625 percent.

To be eligible for a MAL, producers must have a beneficial interest in the commodity. They also must comply with conservation and wetland protection requirements, submit an acreage report to account for all cropland on the farm and meet adjusted gross income limitations. There are additional requirements and actions that need to be taken before a loan can be processed, Steinkruger said. He encouraged producers to call ahead to their county office for details about what information they should bring to an appointment.

“For FSA to best serve those interested in marketing assistance loans for the current calendar year, producers should schedule a loan appointment with their local office prior to December 15, 2016,” he said. “That should allow us appropriate time to process the loan by December 31, 2016.”

Producers with questions about MALs or any other FSA programming, should contact their county FSA office. To find an office, visit http://offices.usda.gov. To learn more about MALs, visit www.fsa.usda.gov/pricesupport.