Page:United States Statutes at Large Volume 95.djvu/1247

 PUBLIC LAW 97-98—DEC. 22, 1981

95 STAT. 1221

a r ^ o n by r ^ o n basis, of the effect of existing and proposed pricing mechanisms on supply and demand conditions, including the impact on farm income and consumer costs. The report shall also describe the social costs and benefits associated with such programs. TITLE n—WOOL AND MOHAIR EXTENSION OF SUPPORT PROGRAM; SUPPORT PRICE

SEC. 201. Section 703 of the National Wool Act of 1954 is amended 7 USC 1782. byC striking out "1981" in subsection (a) and inserting in lieu D thereof "1985"; and (2) striking out all that follows the comma in subsection (b) after the word "Provided*' and inserting in lieu thereof the following: "That for the marketing years beginning January 1, 1982, and ending December 31, 1985, the support price for shorn wool shall be 77.5 per centum (rounded to the nearest full cent) of the amount calculated according to the forgoing formula.". TITLE m—WHEAT LOAN RATES, TARGET PRICES, DISASTER PAYMENTS, WHEAT ACREAGE REDUCTION AND SET-ASIDE PROGRAM, AND LAND DIVERSION FOR THE 1982 THROUGH 1985 CROPS OF WHEAT

SEC. 301. Effective only for the 1982 through 1985 crops of wheat, the Agricultural Act of 1949 is amended by adding after section 107A a new section aa follows: "SEC. 107B. Notwithstanding any other provision of law— 7 USC I445b-i. "(a) The Secretary shall make available to producers loans and purchases for each of the 1982 through 1985 crops of wheat at such level, not less than $3.55 per bushel, as the Secret£uy determines will maintain the competitive relationship of wheat to other grains in domestic and export markets after taking into consideration the cost of producing wheat, s u ^ l y and demand conditions, and world prices for wheat: Provided, lliat 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 necessciry 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 $3 per bushel. "(b)(l)(A) In addition, the Secretary shall make available to producers payments for each of the 1982 through 1985 crops of wheat in an amount computed as provided in this subsection. Payments for any such crop of wheat shall be computed by multiplying (i) the payment rate, by (ii) the farm lovogram acreage for the crop, by (iii) the farm program payment yield for the crop. In no event may payments be made under this paragraph for any crop 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

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