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USDA Sets Interest Rates on CCC Loans

WASHINGTON - Oct 1/07 - SNS -- The USDA set interest rates for October 2007. The CCC borrowing rate-based charge is 4.250% for October 2007, down from 4.750% in September 2007.

For 1996 and subsequent crop year commodity and marketing assistance loans, the interest rate for loans disbursed during in October 2007 is 5.250%, down from 5.750% in September 2007.

The interest rate for farm storage facility loans approved for October 2007 is 4.375%, down from 4.625% in September 2007. The interest rate for sugar storage facility loans for October 2007 is 4.875%, down from 5.000% in September 2007.

Section 163 of the Act requires that monthly interest rates applicable to commodity and marketing assistance loans are to be 100 basis points -- or 1% -- greater than the rate determined under the applicable interest rate formula in effect on Oct. 1, 1995. This formula resulted in a rate equivalent to the amount the U.S. Treasury charged CCC for borrowing for the month.

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