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Show STORED EXCESS WHEAT ELIGIBLE FOB LOANS Iron county wheat growers who have wheat in excess of their marketing mar-keting quotas were reminded this week that excess wheat placed in approved storage is eligible for a government loan. J. M. Palmer, chairman of the county AAA committee, explained that the main purpose of the marketing mar-keting quota is not to collect the marketing penalty but to encourage encour-age producers to hold excess wheat off the market as a means of maintaining main-taining the price for the bulk of the crop. For this reason, Mr. Palmer said, the government is offering producers pro-ducers who have excess wheat a loan on this portion of their crops as an Inducement for them to store the excess. The rate of excess ex-cess wheat, as specified in the law, Is 60 per cent of the full loan rate offered to AAA cooperators -- or about 49c for Iron County. Mr. Palmer said that a new provision pro-vision extends the loan on excess wheat until April 30, 1943. This applies ap-plies to wheat stored on farms or In approved warehouses. Producers storing excess wheat on farms are entitled to a storage allowance ot 7 cents per bushel at the maturity of the 1941 loan on April 30, 1942, if the wheat is delivered to the Commodity Credit Corporation. Under Un-der the provision by which loans are extended for another year, the producer will be entitled to an additional ad-ditional allowance of 5 cents per bushel on farm stored excess wheat, provided the wheat is delivered to the Commodity Credit Corporation. In general, the same provisions that apply to the usual wheat loans apply to loans on excess wheat, Mr. Palmer explained. The wheat must be stored in acceptable storage either on the farm or in a public warehouse. In the case of warehouse storage, a warehouse receipt will be put as collateral. A chattel mortgage mort-gage will be given in the case of farm storage. The loan on excess wheat does not relieve the producer of the necessity ne-cessity of providing a guarantee for payment of the penalty In the event he should later turn the wheat over to the Commodity Credit Corporation Corpora-tion or market It in any other way while it is subject to quota restrictions. restric-tions. The producer may do this by putting up a bond for the amount of the penalty or by depositing with the county committee cash equal to the penalty to be held in escrow. |