Fall harvest for the most part is complete and producers have their corn or soybeans stored for feed or a later sale; producers may want to consider a nine-month commodity loan on this stored harvest.

This is the first eligibility criteria to be met and it must be on farm storage not in a commercial storage bin commingled with other producers’ grain. Remember, grain is the collateral.

Commodity loans are a popular option for operating capital because the interest rate is so low. The rate for loans approved in November is 1.25 percent.

Listed are more details about the commodity loan program.

• Eligibility — Reported crop production on any farm. A timely filed complete acreage report is required. Conservation compliance rules do apply.

• Terms — Matures in nine months and proceeds are deposited directly into your account.

• Repayment — Any time during the loan period before selling or feeding a payment can be made.

• Collateral — The grain pledged for loan is the collateral. It may not be fed or sold without first repaying a specific quantity or obtaining a marketing authorization before selling.

• Storage — Grain must be stored in an approved structure for farm storage. Warehouse stored grains are also eligible if stored at an approved government warehouse.

• Corn — It can be ear, shelled or stored as high moisture. Corn silage is not eligible.

Please allow a little more time this year than the usual one to two days as the loan program software has changed. Suggested lead-time is a week.

For more information, visit www.fsa.usda.gov. To find your local USDA Service Center, go to http://offices.usda.gov.

Luke Fritz is executive director of the Butler County Farm Service Agency.