Page:United States Statutes at Large Volume 110 Part 1.djvu/933

 PUBLIC LAW 104-127—APR. 4, 1996 110 STAT. 909 (B) the Friday through Thursday average price quotation for the lowest-priced United States growth as quoted for Middling (M) 1%2-inch cotton delivered C.I.F. Northern Europe is greater than the Friday through Thursday average price of the 5 lowest-priced growths of upland cotton, as quoted for Middling (M) 1%2-inch cotton, delivered C.LF. Northern Europe (referred to in this section as the "Northern Europe price"). (2) FURTHER ADJUSTMENT. —Except as provided in paragraph (3), the adjusted prevailing world market price for upland cotton shall be further adjusted on the basis of some or all of the following data, as available: (A) The United States share of world exports. (B) The current level of cotton export sales and cotton export shipments. (C) 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). (3) LIMITATION ON FURTHER ADJUSTMENT.—The adjustment under paragraph (2) may not exceed the difference between— (A) the Friday through Thursday average price for the lowest-priced United States growth as quoted for Middling 1%2-inch cotton delivered C.I.F. Northern Europe; and (B) the Northern Europe price. SEC. 135. LOAN DEFICIENCY PAYMENTS. 7 USC 7235. (a) AVAILABILITY OF LOAN DEFICIENCY PAYMENTS. — Except as provided in subsection (d), the Secretary may make loan deficiency payments available to producers who, although eligible to obtain a marketing assistance loan under section 131 with respect to a loan commodity, agree to forgo obtaining the loan for the commodity in return for payments under this section. (b) COMPUTATION.— ^A loan deficiency payment under this section shall be computed by multiplying— (1) the loan payment rate determined under subsection (c) for the loan commodity; by (2) the quantity of the loan commodity that the producers on a farm are eligible to place under loan but for which the producers forgo obtaining the loan in return for payments under this section. (c) LOAN PAYMENT RATE. —For purposes of this section, the loan payment rate shall be the amount by which— (1) the loan rate established under section 132 for the loan commodity; exceeds (2) the rate at which a loan for the commodity may be repaid under section 134. (d) EXCEPTION FOR EXTRA LONG STAPLE COTTON.— T h is section shall not apply with respect to extra long staple cotton. SEC. 136. SPECIAL MARKETING LOAN PROVISIONS FOR UPLAND COT- 7 USC 7236. TON. (a) COTTON USER MARKETING CERTIFICATES.— (1) ISSUANCE.— Subject to paragraph (4), during the period ending July 31, 2003, the Secretary shall issue marketing certificates or cash payments to domestic users and exporters for documented purchases by domestic users and sales for

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