Page:United States Statutes at Large Volume 99 Part 2.djvu/332

 STAT. 1442

Prohibition.

Loans.

Regulations.

Prohibition.

Prohibition.

Prohibitions.

PUBLIC LAW 99-198—DEC. 23, 1985

support may not be reduced by more than 5 percent in any year and in no event below $4.50 per bushel. "(2) If the Secretary determines that the level of loans or purchases computed for a marketing year under paragraph (1) would discourage the exportation of soybeans and cause excessive stocks of soybeans in the United States, the Secretary may reduce the level of loans and purchases for soybeans for the marketing year by the amount the Secretary determines necessary to meiintain domestic and export markets for soybean^, except that the level of loans and purchases may not be reduced by more than 5 percent in any year and in no event below $4.50 per bushel. Any reduction in the loan and purchase level for soybeans under this paragraph shall not be considered in determining the loan and purchase level for soybeans for subsequent years. "(3)(A) If the Secretary determines that such action will assist in maintaining the competitive relationship of soybeans in domestic and export markets after taking into consideration the cost of producing soybeans, supply and demand conditions, and world prices for soybeans, the Secretary may permit a producer to repay a loan made under this subsection for a crop at a level that is the lesser of— "(i) the loan level determined for such crop; or "(ii) the prevailing world market price for soybeans, as determined by the Secretary. "(B) If the Secretary makes the determination described in subparagraph (A), the Secretary shall prescribe by regulation— "(i) a formula to define the prevailing world market price for soybeans; and "(ii) a mechanism by which the Secretary shall periodically announce the prevailing world market price for soybeans. "(4) For purposes of this subsection, the soybean marketing year is the 12-month period beginning on September 1 and ending on August 31. "(5)(A) The Secretary shall make a preliminary announcement of the level of price support for soybeans for a marketing year not earlier than 30 days before the beginning of the marketing year. The announced level shall be based on the latest information and statistics available at the time of the announcement. "(B) The Secretary shall make a final announcement of such level as soon as complete information and statistics are available on prices for the 5 years preceding the beginning of the marketing year. Such final level of support may not be announced later than October 1 of the marketing year with respect to which the announcement is made. The final level of support may not be less than the level of support provided for in the preliminary announcement. "(6) Notwithstanding any other provision of law— "(A) the Secretary shall not require participation in any production adjustment program for soybeans or any other commodity as a condition of eligibility for price support for soybeans; "(B) the Secretary shall not permit the planting of soybeans for harvest on reduced acreage or acreage set aside or diverted from production under any other Federal Government program; "(C) the Secretary may not authorize payments to producers to cover the cost of storing soybeans; and

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