Rainfall, flooding and now snow have ended the seasons harvest of corn and soybeans, at least for the time being.

Although soybean harvest is essentially complete, there are still a few acres scattered around that are not harvested, but probably less than 200 acres. Field corn harvest is around 85 percent complete, which would leave around 3,500 acres to be harvested.

This year’s crop dried down well as producers enjoyed terrific weather in October and November.

Commodity LoansSince the end of the year is near, producers might want to discuss tax planning with a reputable accountant. Hopefully tax planning was completed already, but if not there is still time.Planning revenues and expenses to maximize tax savings could prove beneficial. There are always some new wrinkles to the tax code that might impact farm operations.One source of revenue some grain producers have found useful is a Commodity Credit Corporation grain loan.CCC loans are very flexible for IRS purposes in that they can be considered income or they can be considered a loan.Because it is now close to the end of the year, some producers might want to consider the benefits of a commodity loan. Some other producers utilize CCC loan proceeds to take advantage of early order or preseason discounts for crop inputs.Regardless of the use of the proceeds, CCC loans are a popular choice for operating capital.Commodity loans are simple to process and are normally completed within three working days of the request. Commodity loans cover all grain types, but the most popular seems to be corn and soybean loans.The interest rate for loans disbursed in December is 1.25 percent. Commodity loans have a nine-month maturity date and, if feeding the grain, a repayment schedule will be established.If the grain is to be marketed, the producer can request a marketing authorization before selling.Other loan provisions are as follows:•

Eligibility — Corn and soybean production on any farm. Conservation compliance rules do apply•

Terms — Matures in nine months, interest rate is 1.25 percent and proceeds can be deposited directly into your account•

Repayment — Payments can be made at any time during the loan period•

Collateral — The grain pledged for loan is the collateral. It may not be fed or sold without first repaying a specific quantity or obtaining a marketing authorization•

Storage — Grain must be stored in an approved structure for on-farm storage. Warehouse stored grains also are eligible if stored at an approved warehouse.To summarize, commodity loans offer some advantages to assist producers in their marketing plans, which might fall in place with tax preparationLuke Fritz is executive director of the Butler County Farm Service Agency.