Page:United States Statutes at Large Volume 104 Part 5.djvu/187

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3509 107B, 114, 204, and 205 of the Agricultural Act of 1949, and any other relevant provisions of the Agricultural Act of 1949, as determined by the Secretary. Any established price or loan and purchase level made available in accordance with this subsection shall be established at the same level as that established for the 1995 crop or, in the case of milk, for the 1995 calendar year. "(3) The Secretary may offer each of the programs provided for by this subsection if the Secretary has not made final announcement of the terms of the commodity price support, production adjustment, or payment programs for the 1996 crops of wheat, feed grains, cotton, rice, or oilseeds, or the 1996 calendar year for dairy on or before the later of— "(A) in the case of wheat, June 1, 1995; "(B) in the case of feed grains, September 30, 1995; "(C) in the case of upland cotton, November 1, 1995; "(D) in the case of extra long staple cotton, December 1, 1995; "(E) in the case of rice, January 31, 1996; "(F) in the case of oilseeds, July 15, 1995; and "(G) in the case of dairy, November 1, 1995. "(4) Producers may not participate in such programs unless a law has been enacted subsequent to the date of enactment of this subsection that provides for loans and purchases for the 1996 crop of wheat, feed grains, cotton, rice, or oilseeds, or for dairy for the 1996 calendar year. "(5) The Secretary may use the funds, facilities and authorities of the Commodity Credit Corporation in carrying out this subsection.". SEC. 1130. COMMODITY CREDIT CORPORATION SALES PRICE RESTRIC- TIONS. Section 407 of the Agricultural Act of 1949 (7 U.S.C. 1427) is amended to read as follows: "SEC. 407. COMMODITY CREDIT CORPORATION SALES PRICE RESTRIC- TIONS. "(a) IN GENERAL. —The Commodity Credit Corporation may sell any farm commodity owned or controlled by the Corporation at any price not prohibited by this section. "(b) INVENTORIES. — In determining sales policies for basic agricultural commodities or storable nonbasic commodities, the Corporation should consider the establishment of such policies with respect to prices, terms, and conditions as the (Dorporation determines will not discourage or deter manufacturers, processors, and dealers from acquiring and carrying normal inventories of the commodity of the current crop. " (c) SALES PRICE RESTRICTIONS. — "(1) IN GENERAL.— Except as otherwise provided in this section, the Corporation shall not sell any beisic agricultural commodity or storable nonbasic commodity at less than 115 percent of the lower of— "(A) the current national average price support loan rate for the commodity adjusted for the current market differentials reflecting grade, quality, location, reasonable carrying charges, and other factors determined appropriate by the Corporation; or "(B) the loan repayment level. "(2) EXTRA LONG STAPLE COTTON. —The Corporation may sell extra long staple cotton for unrestricted use at such price as the

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