The Rural Voice, 1990-12, Page 51NEWS
measure. Producers can now apply for
amounts over that amount in the 1990/
91 program, but anything over $50,000
will be subject to an annual interest rate
charge of prime minus 1/4 per cent,
calculated daily and compounded
monthly.
The advance payment is very re-
stricted as the $50,000 provision is per
farm operation regardless of the number
of producers or whether the operation is
a sole proprietorship, partnership, cor-
porate farm, or co-operative. The max-
imum loan allowed, again per farm
operation, will be $250,000.
On corn, the advance rate is $67 per
tonne for all corn (except silage corn)
which must be sold before September
30, 1991, with an administration fee of
$80 to $170 per application. A holdback
of three per cent of the advance will be
released after full repayment of the
advance.
In soybeans, the advance rate is $125
per tonne, with an application fee of $30
to $50 depending on amount borrowed,
and the beans must be sold to a partici-
pating dealer by August 31, 1991.
There is no application deadline so
that loans may be advanced based on
corn in storage at any time during the
1990 crop year, as long as the crop was
grown in 1990. Applications will be
sent to all producers in the 1989-90
program or they can be picked up at any
OMAF office in the province.0
DOLLAR, INTEREST
RATES DROP
Canadian farmers, particularly
those in the red meat sector, will be
helped next year by an expected drop in
interest rates and the Canadian dollar,
according to forecasts in the latest issue
of Scotiabank's Agri -Trends.
Despite an economy caught in the
doldrums of slow growth in 1991,
caused in part by heavy debt burdens,
the erosion of international competi-
tiveness caused by a strong dollar, larger
wage gains and higher taxes, some sec-
tors of agriculture will benefit, says Sco-
tiabank. S hort term interest rates are ex-
pected to decline by more than two per-
centage points over the next year.
The decline will triggera drop in the
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At this special time of the year, we
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RADFORD'S FARM EQUIPMENT LTD.
LONDESBORO 519-523-4519
Cylinder Head
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RADFORD'S FARM EQUIPMENT LTD.
LONDESBORO
(519) 523-4519
FAX (519) 523-4980
DECEMBER 1990 47