Page:United States Statutes at Large Volume 91.djvu/956

 91 STAT. 922 Loans and purchases.

Reduction.

Payments. Computation.

Established prices.

PUBLIC LAW 95-113—SEPT. 29, 1977 "(a) The Secretary shall make available to producers loans and purchases at such level, not less than $2.25 per bushel for the 1977 crop of wheat and $2.35 per bushel for each of the 1978 through 1981 crops of wheat, nor, in the case of each of the 1977 through 1981 crops, in excess of 100 per centum of parity, as the Secretary determines will maintain its competitive relationship to other grains in domestic and export markets: Provided, That if the Secretary determines that the average price of wheat received by producers in any marketing year is not more than 105 per centum of the level of loans and purchases for wheat for such marketing year, the Secretary may reduce the level of loans and purchases for wheat for the next marketing year by the amount the Secretary determines necessary to maintain domestic and export markets for grain, except that the level of loans and purchases shall not be reduced by more than 10 per centum in any year nor below $2.00 per bushel. " (b)(1)(A) In addition, the Secretary shall make available to producers payments for each of the 1977 through 1981 crops of wheat in an amount computed as provided in this subsection. Payments for the 1977 crop shall be computed by multiplying (i) the payment rate, by (ii) the allotment for the farm for such crop, by (iii) the projected yield established for the farm for such crop with such adjustments as the Secretary determines necessary to provide a fair and equitable yield. Payments for each of the 1978 through 1981 crops shall be computed by multiplying (i) the payment rate, by (ii) the farm program acreage for the crop, by (iii) the farm program payment yield for the crop. In no event shall payments be made under this paragraph for any of the 1978 through 1981 crops on a greater acreage than the acreage actually planted to wheat. "(B) The payment rate for wheat shall be the amount by which the higher of— "(i) the national weighted average market price received by farmers during the first five months of the marketing year for such crop, as determined by the Secretary, or "(ii) the loan level determined under subsection (a) of this section for such crop is less than the established price per bushel. The established price for wheat shall be $2.90 per bushel for the 1977 crop and $3.00 per bushel for the 1978 crop: Provided, That for the 1977 crop, the established price shall be $2.47 per bushel with respect to any acreage not planted to wheat within the wheat acreage allotment: Provided further, That for the 1978 crop, the established price shall be $3.05 per bushel if the 1978 crop of wheat is 1.8 billion bushels or less. For the 1979 crop, the established price shall be $3.00 per bushel adjusted to reflect any change in (i) the average adjusted cost of production for the two crop years immediately preceding the 1979 crop year from (ii) the average adjusted cost of production for the two crop years immediately preceding the 1978 crop year. For the 1980 and 1981 crops, the established price shall be the established price for the previous year's crop adjusted to reflect any change in (i) the average adjusted cost of production for the two crop years immediately preceding the year for which the determination is made from (ii) the average adjusted cost of production for the two crop years immediately preceding the year previous to the one for which the determination is made. The adjusted cost of production for each of such years shall be determined by the Secretary on the basis of such information as the Secretary finds necessary and appropriate for the purpose and shall be limited to (i) vari-

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