Page:United States Statutes at Large Volume 104 Part 5.djvu/62

 104 STAT. 3384 PUBLIC LAW 101-624—NOV. 28, 1990 "(iii) the preveiiling world market price for wheat (adjusted to United States quality and location), as determined by the Secretary. Regulations. " (B) PREVAILING WORLD MARKET PRICE. —I f the Secretary permits a producer to repay a loan in accordance with subparagraph (A), the Secretary shall prescribe by regulation— "(i) a formula to determine the prevailing world market price for wheat, adjusted to United States quality and location; and "(ii) a mechanism by which the Secretary shall announce periodically the prevailing world market price for wheat. "(C) ALTERNATIVE REPAYMENT RATES. —For each of the 1991 through 1995 crops of wheat, if the world market price for wheat (adjusted to United States quality and location) as determined by the Secretary, is less than the loan level determined for the crop, the Secretary may permit a producer to repay a loan made under this subsection for a crop at such level (not in excess of the loan level determined for the crop) as the Secretary determines will— "(i) minimize potential loan forfeitures; "(ii) minimize the accumulation of wheat stocks by the Federgd Government; "(iii) minimize the cost incurred by the Federal Government in storing wheat; and "(iv) allow wheat produced in the United States to be marketed freely and competitively, both domestically and internationaly. "(5) SIMPLE AVERAGE PRICE.— For purposes of this section, the simple average price received by producers for the immediately preceding marketing year shall be based on the latest information available to the Secretary at the time of the determination. "(b) LOAN DEFICIENCY PAYMENTS.— "(1) IN GENERAL.— The Secretary may, for each of the 1991 through 1995 crops of wheat, make payments (hereafter in this section referred to as 'loan deficiency payments') available to producers who, although eligible to obtain a loan or purchase agreement under subsection (a), agree to forgo obtaining the loan or agreement in return for payments under this subsection. "(2) COMPUTATION. — A payment under this subsection shall be computed by multiplying— "(A) the loan payment rate; by "(B) the quantity of wheat the producer is eligible to place under loan (or obtain a purchase agreement) but for which the producer forgoes obtaining the loan or agreement in return for payments under this subsection. "(3) LOAN PAYMENT RATE.— For purposes of this subsection, the loan payment rate shall be the amount by which— "(A) the loan level determined for the crop under subsection (a); exceeds "(B) the level at which a loan may be repaid under subsection (a). "(c) PAYMENTS. — "(1) DEFICIENCY PAYMENTS. — " (A) IN GENERAL. —The Secretary shall make available to producers payments (hereafter in this section referred to as

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