Page:United States Statutes at Large Volume 95.djvu/1274

 95 STAT. 1248

PUBLIC LAW 97-98—DEC. 22, 1981 REPORT ON TRADING OP RICE FUTURES

7 USC 1441 note.

SEC. 603. The Secretary of Agriculture shall by July 31, 1983, submit a report to Congress evaluating the trading of rice futures on the commodity exchanges. The report shall contain an assessment as to whether the rice futures prices effectively reflect the market prices for rice except for certain factors such as carrying charges and storage costs. In addition, the S e c r e t ^ shall include in such report an assessment of the feasibility of using the seasonal average price received by farmers for rough rice or the futures price for rice as a basis for calculating the support and loan rate for rice as provided for 7 USC 1421 note, in the Agricultural Act of 1949. Such report shall contain any other recommendations of the Secretary as may relate to these matters. TITLE Vn—PEANUTS SUSPENSION OF MARKETING QUOTAS AND ACREAGE ALLOTMENTS

SEC. 701. The following provisions of the Agricultural Adjustment Act of 1938 shall not be applicable to the 1982 through 1985 crops of peanuts: 7 USC 1358 note. (1) Subsections (a) through (j) of section 358; 7 USC 1358a (2) Subsections (a) through (h) of section 358a; note. (3) Subsections (a), (b), (d), and (e) of section 359; 7 USC 1359 note. (4) Part I of subtitle C of title IH; and 7 USC 1361 note. (5) Section 371. 7 USC 1371 note. NATIONAL POUNDAGE QUOTA AND FARM POUNDAGE QUOTA

7 USC 1358.

SEC. 702. Effective only for the 1982 through 1985 crops of peanuts, section 358 of the Agricultural Adjustment Act of 1938 is amended by adding at the end thereof new subsections as follows: "(k) The national poundage quota for peanuts for each marketing year shall be 1,200,000 tons for 1982; 1,167,300 tons for 1983; 1,134,700 tons for 1984; and 1,100,000 tons for 1985. "(IXD The national poundage quota established under subsection (k) of this section shall be apportioned among the States so that the poundage quota allocated to each State shall be equal to the percentage of the national poundage quota allocated to farms in the State for 1981. "(2) Notwithstanding any other provision of this section— "(A) Beginning with the 1982 marketing year, the reduction in the poundage quota allocated to any State for any marketing year below the poundage quota allocated to such State for the immediately preceding marketing year (which poundage quota, for the 1981 marketing year, shall be deemed to be the total of the farm poundage quotas allocated to farms in the State for such marketing year) shall, insofar as practicable and on such fair and equitable basis as the Secretary may by regulation prescribe, be accomplished by reducing the farm poundage quote for each farm in the State to the extent that the farm poundage quote has not been produced on such farm. For purposes of the foregoing sentence, the farm poundage quote shall be considered as not having been produced on a farm to the extent that (i) during any crop year immediately preceding the crop year for which the adjustment is being made, such quote was not actually produced on the farm because there was inadequate tillable cropland available on the farm to produce such quote; or (ii) during any

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