RiceTec will offer producers several payment alternatives for their 2004 hybrid seed purchases, including a “Grain for Seed” deferred payment program, allowing participants to delay payment of their hybrid seed purchases until after the crop is harvested and sold in the fall.
“Many growers are already familiar with the great yield potential RiceTec hybrid rice offers, and with this new deferred payment program, XL7, XL8 and Clearfield XL8 should be even more attractive to producers next spring,” says Jim Thompson, seed sales and marketing manager for RiceTec.
Grain for Seed allows qualified participants to have their hybrid seed payment deferred without interest until the fall, when the crop produced by the hybrid seed is harvested and sold. To qualify, the grain buyer must be identified on the front end and made fully aware that the grain is part of the deferred payment program. Both the seed purchaser and the grain buyer must sign an agreement granting RiceTec a security interest in the harvested grain.
The grain must be delivered to the designated grain merchandiser by Nov. 30, 2004, to maintain interest-free status. If delivery and/or payment are made after this date, interest of 1 percent will be charged for each month a balance remains. If the purchaser intends to apply for a government loan for the harvested grain, payment is due in full prior to implementing the government loan.
RiceTec’s new XP710 and the new medium-grain XP712, which will be available in limited quantities in 2004, are eligible for the Grain for Seed program, in addition to XL7, XL8 and Clearfield XL8.
The standard payment terms and conditions for RiceTec seed apply to purchases not entered in the Grain for Seed program. June 30, 2004, is the interest-free payment deadline for purchases not entered in the program.
Another payment option RiceTec will offer in 2004 allows purchasers to pay for their hybrid seed before the end of January to receive a price discount of $10 per acre, based on the RiceTec-recommended seeding rate of 600,000 seeds per acre.
“Growers are telling us this option creates an extremely attractive APR on the seed,” says Thompson. “These creative new payment options offered by RiceTec should give more producers the opportunity to plant high-yielding hybrid rice seed and boost the profit potential of their fields.”
RiceTec’s 2004 hybrid rice seed lineup is led by Clearfield XL8, which has demonstrated in both company and independent tests a significant yield advantage over all the leading rice varieties (Clearfield and traditional varieties alike), according to RiceTec officials.
Clearfield XL8 can be planted in fields with high or low infestations of red rice and still offer a positive economic return. This product has an excellent overall disease package, and, in most cases, should not require a fungicide application. Clearfield XL8 is adapted to all Midsouth- and Coastal-growing regions, and has excellent potential as a ratoon crop in the Coastal area.
For more information about Grain for Seed, early-payment option and hybrid rice products offered in 2004, call 1-877-580-7423 or visit www.ricetec.com.