Page:United States Statutes at Large Volume 116 Part 1.djvu/187

 PUBLIC LAW 107-171 —MAY 13, 2002 116 STAT. 161 (d) PROHIBITION ON CROP INSURANCE INDEMNITY OR NON- INSURED CROP ASSISTANCE.— ^A 2002 through 2007 crop of wheat, barley, oats, or triticale planted on acreage that a producer elects, in the agreement required by subsection (a), to use for the grazing of livestock in lieu of any other harvesting of the crop shall not be eligible for an indemnity under the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.) or noninsured crop assistance under section 196 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7333). SEC. 1207. SPECIAL MARKETING LOAN PROVISIONS FOR UPLAND 7 USC 7937. COTTON. (a) COTTON USER MARKETING CERTIFICATES.— (1) ISSUANCE. —During the period beginning on the date of the enactment of this Act through July 31, 2008, the Secretary shall issue marketing certificates or cash payments, at the option of the recipient, to domestic users and exporters for documented purchases by domestic users and sales for export by exporters made in the week following a consecutive 4-week period in which— (A) 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 exceeds the Northern Europe price by more than 1.25 cents per pound; and (B) the prevailing world market price for upland cotton (adjusted to United States quality and location) does not exceed 134 percent of the loan rate for upland cotton established under section 1202. (2) VALUE OF CERTIFICATES OR PAYMENTS.—The value of the marketing certificates or cash payments shall be based on the amount of the difference (reduced by 1.25 cents per pound) in the prices during the fourth week of the consecutive 4-week period multiplied by the quantity of upland cotton included in the documented sales. (3) ADMINISTRATION OF MARKETING CERTIFICATES. — (A) REDEMPTION, MARKETING, OR EXCHANGE.—The Secretary shall establish procedures for redeeming marketing certificates for cash or marketing or exchange of the certificates for agricultural commodities owned by the Commodity Credit Corporation or pledged to the Commodity Credit Corporation as collateral for a loan in such manner, and at such price levels, as the Secretary determines will best effectuate the purposes of cotton user marketing certificates, including enhancing the competitiveness and marketability of United States cotton. Any price restrictions that would otherwise apply to the disposition of agricultural commodities by the Commodity Credit Corporation shall not apply to the redemption of certificates under this subsection. (B) DESIGNATION OF COMMODITIES AND PRODUCTS. — To the extent practicable, the Secretary shall permit owners of certificates to designate the commodities and products, including storage sites, the owners would prefer to receive in exchange for certificates (C) TRANSFERS. — Marketing certificates issued to domestic users and exporters of upland cotton may be

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