Cotton LDPs.

CFR · 2024-01-01 · US · Title 7

(a) In order to be eligible to receive such LDPs the producer of the upland cotton must: (1) Comply with all of the upland cotton MAL eligibility requirements under this subpart; (2) Agree to forgo obtaining such loans unless denied an LDP due to payment limitation; (3) Submit, on a form prescribed by CCC, to the FSA county office on or before beneficial interest is lost in such quantity and before the final loan availability date for the commodity: (i) An indication of their intentions to receive an LDP on the identified commodity or (ii) A completed request for an LDP for a quantity of eligible cotton under § 1427.5(a). (4) Provide warehouse receipts or, as determined by CCC, a list of gin bale numbers for such cotton showing, for each bale, the net weight established at the gin; (5) For LDPs requested before ginning of the cotton based on a locked-in adjusted world price, provide identifying numbers for modules or other storage units that will correspond to the gin-assigned numbers of the bales produced from the unginned cotton; and (6) Otherwise comply with all program requirements. (b) The LDP applicable to a crop of cotton will be computed by multiplying the applicable LDP rate, as determined under paragraph (c) of this section, by the quantity of the crop the producer is eligible to pledge as collateral for a loan, excluding any quantity for which the producer obtains a MAL. (c) The LDP rate for a crop of upland cotton will be the amount by which the loan rate determin

official document · source cfr-2024 · id 7:§ 1427.23