1、 https:/crsreports.congress.gov April 3, 20192018 Farm Bill Primer: Marketing Assistance Loan ProgramBackground The marketing assistance loan (MAL) program has been a significant feature of U.S. farm policy since the 1930s. The 2018 farm bill (Agricultural Improvement Act of 2018, P.L. 115-334) exte
2、nded the MAL program for 2019 through 2023 but with upward adjustments to the loan rates for selected crops (Table 1). For details, see CRS Report R45525, The 2018 Farm Bill (P.L. 115-334): Summary and Side-by-Side Comparison. A MAL Is Nonrecourse The MAL programoperated by the U.S. Department of Ag
3、riculture (USDA)provides both a floor price and interim financing for certain commoditiesreferred to as loan commodities. A participating producer may put a harvested loan crop under a nine-month, nonrecourse loan valued at a statutory commodity loan rate (Table 1). Nonrecourse means that USDA must
4、accept the forfeited crop pledged as collateral for full payment of an outstanding loan. If local market prices for the crop increase above the loan rate (plus interest), a producer may repay a MAL and reclaim the crop. If market prices remain below the loan rate, then other program options (describ
