Page:United States Statutes at Large Volume 116 Part 1.djvu/176

 116 STAT. 150 PUBLIC LAW 107-171—MAY 13, 2002 7 USC 7914. SEC. 1104. AVAILABILITY OF COUNTER-CYCLICAL PAYMENTS. (a) PAYMENT REQUIRED.— For each of the 2002 through 2007 crop years for each covered commodity, the Secretary shall make counter-cyclical payments to producers on farms for which payment yields and base acres are established with respect to the covered commodity if the Secretary determines that the effective price for the covered commodity is less than the target price for the covered commodity. (b) EFFECTIVE PRICE.— For purposes of subsection (a), the effective price for a covered commodity is equal to the sum of the following: (1) The higher of the following: (A) The national average market price received by producers during the 12-month marketing year for the covered commodity, as determined by the Secretary. (B) The national average loan rate for a marketing assistance loan for the covered commodity in effect for the applicable period under subtitle B. (2) The payment rate in effect for the covered commodity under section 1103 for the purpose of making direct payments with respect to the covered commodity. (c) TARGET PRICE.— (1) 2002 AND 2003 CROP YEARS.— For purposes of the 2002 and 2003 crop years, the target prices for covered commodities shall be as follows: (A) Wheat. $3.86 per bushel. (B) Com, $2.60 per bushel. (C) Grain sorghum, $2.54 per bushel. (D) Barley, $2.21 per bushel. (E) Oats, $1.40 per bushel. (F) Upland cotton, $0.7240 per pound. (G) Rice, $10.50 per hundredweight. (H) Soybeans, $5.80 per bushel. (I) Other oilseeds, $0.0980 per pound. (2) SUBSEQUENT CROP YEARS.— For purposes of each of the 2004 through 2007 crop years, the target prices for covered commodities shall be as follows: (A) Wheat $3.92 per bushel. (B) Com, $2.63 per bushel. (C) Grain sorghum, $2.57 per bushel. (D) Barley, $2.24 per bushel. (E) Oats, $1.44 per bushel. (F) Upland cotton, $0.7240 per pound. (G) Rice, $10.50 per hundredweight. (H) Soybeans, $5.80 per bushel. (I) Other oilseeds, $0.1010 per pound. (d) PAYMENT RATE. —The payment rate used to make countercyclical payments with respect to a covered commodity for a crop year shall be equal to the difference between— (1) the target price for the covered commodity; and (2) the effective price determined under subsection (b) for the covered commodity. (e) PAYMENT AMOUNT.— If counter-cyclical payments are required to be paid for any of the 2002 through 2007 crop years of a covered commodity, the amount of the counter-cyclical payment to be paid to the producers on a farm for that crop year shall be equal to the product of the following:

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