Page:United States Statutes at Large Volume 104 Part 5.djvu/80

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104 STAT. 3402 PUBLIC LAW 101-624—NOV. 28, 1990 Regulations. feed grains, the adjustment shall become effective on the date of the submission of the report. "(C) CoMPErrrnvE POSITION. —Notwithstanding subparagraph (A), if the Secretary determines, not later than 60 days prior to the beginning of a marketing year for a crop, that the effective loan rate established for such crop will not maintain a competitive market position for com, the Secretary may reduce the loan and purchase level for com for the marketing year by an amount, in addition to any reductio^i under subparagraph (A), not to exceed 10 percent in any year. "(D) No EFFECT ON FUTURE YEARS.— Any reduction in the loan and purchase level for corn under this paragraph shall not be considered in determining the loan and purchase level for com for subsequent years. "(E) MINIMUM LOAN RATE.— Notwithstanding subparagraph (A), the loan rate for com shall not be less than $1.76 per bushel, unless such rate would exceed 80 percent of the 5-year average market price determination. " (4) MARKETING LOAN PROVISIONS. — "(A) IN GENERAL.—The Secretary may permit a producer to repay a loan made under this subsection for a crop at a level (except as provided in subparagraph (C)) that is the lesser of— "(i) the loan level determined for the crop; "(ii) the higher of— "(I) 70 percent of such level; "(II) if the loan level for a crop was reduced under paragraph (3), 70 percent of the loan level that would have been in effect but for the reduction under paragraph (3); or "(iii) the prevailing world market price for feed grains (adjusted to United States quality and location), as determined by the Secretary. "(B) PREVAILING WORLD MARKET PRICE.—I f the Secretary permits a producer to repay a loan in accordance with subparagraph (A), the Secretary shall prescribe by regulation— "(i) a formula to determine the prevailing world market price for feed grains, adjusted to United States quality £Uid location; and "(ii) a mechanism by which the Secretary shall announce periodically the prevailing world market price for feed grains. "(C) ALTERNATIVE REPAYMENT RATES. —For each of the 1991 through 1995 crops of feed grains, if the world market price for feed grains (adjusted to United States quality and location) as determined by the Secretary, is less than the loan level determined for the crop, the Secretary may permit a producer to repay a loan made under this subsection for a crop at such level (not in excess of the loan level determined for the crop) as the Secretary determines will— "(i) minimize potential loan forfeitures; "(ii) minimize the accumulation of feed grain stocks by the Federal Government; "(iii) minimize the cost incurred by the Federal Government in storing feed grains; and