November 1, 2013 / 6:06 PM / 4 years ago

USDA restarts price support loans after one-month break

WASHINGTON, Nov 1 (Reuters) - Price support loans on 2013 U.S. crops are available again, the Agriculture Department said on Friday, after a one-month hiatus needed to partially satisfy automatic budget cuts.

USDA said the loan amounts disbursed to producers would be reduced by 5.1 percent, also due to the budget cuts. The underlying support prices for crops in the farm program are unchanged.

“We must comply with the laws established by Congress in accordance with (budget) sequestration policy,” said administrator Juan Garcia of USDA’s Farm Service Agency in a statement. “We regret the delay this has created in USDA issuing marketing assistance loans because we know how critical the loans are to farmers’ cash flows at this time of year.”

USDA announced the suspension and modification of the loan program on Sept. 30, hours before the start of the 17-day government shutdown.

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