Page:United States Statutes at Large Volume 104 Part 5.djvu/79

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3401 (3) by inserting after section 105A (as so redesignated) the following new section: •SEC. 105B. LOANS, PAYMENTS, AND ACREAGE REDUCTION PROGRAMS 7 USC 1444f. FOR THE 1991 THROUGH 1995 CROPS OF FEED GRAINS. " (a) LOANS AND PURCHASES. — "(1) IN GENERAL.— Except as otherwise provided in this subsection, the Secretary shall make available to producers on a farm loans and purchases for each of the 1991 through 1995 crops of com produced on the farm at such level as the Secretary determines will encourage the exportation of feed grains and not result in excessive total stocks of feed grains after taking into consideration the cost of producing com, supply and demand conditions, and world prices for corn. "(2) MINIMUM LOAN AND PURCHASE LEVEL.—Except as provided in paragraphs (3) and (4), the loan and purchase level determined under paragraph (1) shall not be less than 85 percent of the simple average price received by producers of com, as determined by the Secretary, during the marketing years for the immediately preceding 5 crops of corn, excluding the year in which the average price was the highest and the year in which the average price was the lowest in such period, except that the loan and purchase level for a crop determined under this paragraph may not be reduced by more than 5 percent from the level determined for the preceding crop. " (3) ADJUSTMENTS TO SUPPORT LEVEL.— "(A) STOCKS TO USE RATIO. — I f the Secretary estimates for any marketing year that the ratio of ending stocks of corn to total use for the marketing year will be— "(i) equal to or greater than 25 percent, the Secretary may reduce the loan and purchase level for corn for the corresponding crop by an amount not to exceed 10 percent in any year; "(ii) less than 25 percent but not less than 12.5 percent, the Secretary may reduce the loan and purchase level for corn for the corresponding crop by an amount not to exceed 5 percent in any year; or "(iii) less than 12.5 percent the Secretary may not reduce the loan and purchase level for corn for the corresponding crop. "(B) REPORT TO CONGRESS.— "(i) IN GENERAL. —I f the Secretary adjusts the level of loans and purchases for com 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 "(II) 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

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