Page:United States Statutes at Large Volume 92 Part 1.djvu/294

 92 STAT. 240

PUBLIC LAW 95-279—MAY 15, 1978

Public Law 95-279 95th Congress An Act May 15, 1978 [H.R. 6782] Wheat, feed grains, and upland cotton, emergency assistance. 7 USC 1309.

7 USC 1444.

To provide emergency assistance to producers of wheat, feed grains, and upland cotton, and for other purposes. Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

of the

TITLE I—PRICE SUPPORT FOR PRODUCERS OF WHEAT, F E E D GRAINS, AND UPLAND COTTON SEC, 101. Section 1001 of the Food and Agriculture Act of 1977 is amended by inserting " (a) " after the section designation and adding a new subsection (b) as follows: " (b) Notwithstanding any other provision of law, whenever a setaside is in effect for one or more of the 1978 through 1981 crops of wheat, feed grains, and upland cotton, the Secretary may increase the established price for any such commodity by the amount the Secretary determines appropriate to compensate producers for participation in such set-aside. I n determining the amount of any such increase, the Secretary shall take into account changes in the cost of production resulting from participation in the set-aside involved. I f the established price is increased for any commodity for which a set-aside is in effect, the Secretary may increase the established price for any other commodity in such amount as the Secretary determines necessary for effective operation of the program. The Secretary shall adjust any increase in the established price to reflect, in whole or in part, any land diversion payments for the crop for which an increase is determined.". SEC. 102. Effective only with respect to the 1978 through 1981 crops of upland cotton, section 103(f) of the Agricultural Act of 1949 is amended by striking out the first sentence of paragraph (1) and inserting in lieu thereof the following: " The Secretary shall, upon presentation of warehouse receipts reflecting accrued storage charges of not more than sixty days, make available for the 1978 through 1981 crops of upland cotton to cooperators nonrecourse loans for a term of ten months from the first day of the month in which the loan is made at such level as will reflect for Strict Low Middling one and onesixteenth inch upland cotton (micronaire 3.5 through 4.9) at average location in the United States the smaller of (i) 85 percent of the average price (weighted by market and month) of such quality of cotton as quoted in the designated United States spot markets during three years of the five-year period ending July 31 in the year in which the loan level is announced, 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, or (ii) 90 percent of the average, for the fifteenweek period beginning July 1 of the year in which the loan level is announced, of the five lowest priced growths of the growths quoted for Strict Middling one and one-sixteenth inch cotton C.I.F. Northern E u r o p e (adjusted downward by the average difference during the period April 15 through October 15 of the year in which the loan is

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