Tuesday, April 12, 2005
: "Comments: Morgan should have done some more homework on the White House farm policy proposals because one of them -- putting a strict and harsh limit on nonrecourse loans and thus marketing loan (loan deficiency payment) eligibility would have significant implications for commercial operators who produce around 85 percent of U.S. agricultural production. Why? If the maverick Bush-USDA proposals were in effect for the 2004 crop season, around 40 percent of the U.S. corn crop would not have qualified for nonrecourse loans and would thus not have been able to qualify for marketing loans gains. Now that is a major change in farm policy and a major assault on a farm policy program (nonrecourse loans) that has been around since the 1930s."