"Apparently, there are quite a few people statewide with eligible bushels of 2000 corn and soybeans who have not yet collected LDPs on those bushels," says Blue Earth County, MN, extension educator Kent Thiesse.
Every bushel of corn and soybeans produced in 2000 is eligible either to be placed under a federal Commodity Credit Corporation (CCC) marketing loan or to receive an LDP at county Farm Service Agency offices.
Financial losses for farm operators or landowners who share rent their crop ground could be substantial this year, says Thiesse. LDP rates in Minnesota for soybeans have been above $1/bu in recent months. Corn LDP rates have been about 15-20¢/bu.
"Persons with average yields in 2000 will lose about $45-55/acre on soybeans and $25-35/acre on corn if they don't claim an LDP on eligible bushels," says Thiesse. "Landlords in a typical share-rent arrangement would lose about half that per-acre amount on unclaimed LDPs. And the losses could apply to several hundred acres."
Many times, says Thiesse, Minnesota landlords in share-rent agreements neglect to collect the LDP. He encourages farm operators in these agreements to help their landlords better understand the LDP process and to make sure they are aware of the May 31 deadline.
Anyone with questions on the deadline, LDPs or CCC marketing loans should contact their county Farm Service Agency office.