Page:United States Statutes at Large Volume 104 Part 5.djvu/61

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3383 the corresponding crop by an amount not to exceed 10 percent in any year; "(ii) less than 30 percent but not less than 15 percent, the Secretary may reduce the loan and purchase level for wheat for the corresponding crop by an amount not to exceed 5 percent in any year; or "(iii) less than 15 percent, the Secretary may not reduce the loan and purchase level for wheat for the corresponding crop. "(B) REPORT TO CONGRESS. — "(i) IN GENERAL.—If the Secretary adjusts the level of loans and purchases for wheat under subparagraph (A), the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report— "(I) certifying such adjustment as necessary to prevent the accumulation of stocks and to retain market share; and "(JD containing a description of the need for such adjustment. "(ii) EFFECTIVE DATE OF ADJUSTMENT.— The adjustment shall become effective no earlier than 60 calendar days after the date of submission of the report to the Committees, except that in the case of the 1991 crop of wheat, the adjustment shall become effective on the date of the submission of the report. "(C) CoMPETmvE POSITION. —Notwithstanding subparagraph (A), if the Secretary determines, not later thMi 60 days prior to the beginning of a marketing year for a crop, that the effective loan rate established for such crop will not maintain a competitive market position for wheat, the Secretary may reduce the loan and purchase level for wheat for the marketing year by an amount, in addition to any reduction under subparagraph (A), not to exceed 10 percent in any year. " (D) No EFFECT ON FUTURE YEARS. —Any reduction in the loan and purchase level for wheat under this paragraph shall not be considered in determining the loan and purchase level for wheat for subsequent years. "(E) MINIMUM LOAN RATE.— Notwithstanding subparagraph (A), the loan rate for wheat shall not be less than 2.44 per bushel, unless such rate would exceed 80 percent of the 5-year average market price determination. "(4) MARKETING LOAN PROVISIONS. — "(A) IN GENERAL.—The Secretary may permit a producer to repay a loan made under this subsection for a crop at a level (except as provided in subparagraph (C)) that is the lesser of— "(i) the loan level determined for the crop; " (ii) the higher of— "(I) 70 percent of such level; "(II) if the loan level for a crop was reduced under paragraph (3), 70 percent of the loan level that would have been in effect but for the reduction under paragraph (3); or

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