Page:United States Statutes at Large Volume 104 Part 5.djvu/103

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3425 "(I) a formula to define the prevailing world market price for upland cotton (adjusted to United States quality and location); and "(11) a mechanism by which the Secretary shall announce periodically the prevailing world market price for upland cotton (adjusted to United States quality and location), "(ii) USE. —The prevailing world market price for upland cotton (adjusted to United States quality and location) established under this subparagraph shall be used under subparagraphs (A) and (B). '(D) ADJUSTMENT OF PREVAIUNG WORLD MARKET PRICE. — Northern "(i) IN GENERAL.— During the period beginning Europe. August 1, 1991, and ending July 31, 1996, the prevailing world market price for upland cotton (adjusted to United States quality and location) established under subparagraph (C) shall be further adjusted if— "(I) the adjusted prevailing world market price is less than 115 percent of the current crop year loan level for the base quality of upland cotton, as determined by the Secretary; and "(II) the Friday through Thursday average price quotation for the lowest-priced United States growth as quoted for Middling (M) one and threethirty seconds inch cotton delivered C.I.F. Northern Europe is greater than the Friday through Thursday average price of the five lowest-priced growths of upland cotton, as quoted for Middling (M) one and three-thirty seconds inch cotton, delivered C.I.F. Northern Europe (hereafter in this subsection referred to as the 'Northern Europe price'). "(ii) FURTHER ADJUSTMENT.—Except as provided in clause (iii), the adjusted prevailing world market price shall be further adjusted on the basis of some or all of the following data, as available: "(I) The United States share of world exports. "(II) The current level of cotton export sales and cotton export shipments. "(Ill) Other data determined by the Secretary to be relevant in establishing an accurate prevailing world market price for upland cotton (adjusted to United States quality and location), "(iii) LIMITATION ON FURTHER ADJUSTMENT. —The adjustment under clause (ii) may not exceed the dif- ference between— " (I) the Friday through Thursday average price for the lowest-priced United States growth as quoted for Middling one and three-thirty seconds inch cotton delivered C.I.F. Northern Europe; and "(II) the Northern Europe price. ' (E) COTTON USER MARKETING CERTIFICATES. — Northern "(i) ISSUANCE.— During the period beginning August Europe. 1, 1991, and ending July 31, 1996, if for any consecutive 4-week period, the Friday through Thursday average price quotation for the lowest-priced United States growth, as quoted for Middling (M) one and three-thirty

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