Page:United States Statutes at Large Volume 110 Part 1.djvu/931

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PUBLIC LAW 104-127—APR. 4, 1996 110 STAT. 907 quality of cotton and the market quotations in the designated United States spot markets for the base quaUty of upland cotton), as determined by the Secretary. (2) LIMITATIONS. — The loan rate for a marketing assistance loan for upland cotton shall not be less than $0.50 per pound or more than $0.5192 per pound. (d) EXTRA LONG STAPLE COTTON. —The loan rate for a marketing assistance loan under section 131 for extra long staple cotton shall be— (1) not less than 85 percent of the simple average price received by producers of extra long staple cotton, as determined by the Secretary, during 3 years of the 5-year period ending July 31 of the year preceding the year in which the crop is planted, excluding the year in which the average price was the highest and the year in which the average price was the lowest in the period; but (2) not more than $0.7965 per pound. (e) RICE.— The loan rate for a marketing assistance loan under section 131 for rice shall be $6.50 per hundredweight. (f) OILSEEDS.— (1) SOYBEANS. —The loan rate for a marketing assistance loan under section 131 for soybeans shall be— (A) not less than 85 percent of the simple average price received by producers of soybeans, as determined by the Secretary, during the marketing years for the immediately preceding 5 crops of soybeans, excluding the year in which the average price was the highest and the year in which the average price was the lowest in the period; but (B) not less than $4.92 or more than $5.26 per bushel. (2) SUNFLOWER SEED, CANOLA, RAPESEED, SAFFLOWER, MUS- TARD SEED, AND FLAXSEED.— The loan rate for a marketing assistance loan under section 131 for sunflower seed, canola, rapeseed, safflower, mustard seed, and flaxseed, individually, shall be— (A) not less than 85 percent of the simple average price received by producers of sunflower seed, individually, as determined by the Secretary, during the marketing years for the immediately preceding 5 crops of sunflower seed, individually, excluding the year in which the average price was the highest and the year in which the average price was the lowest in the period; but (B) not less than $0,087 or more than $0,093 per pound. (3) OTHER OILSEEDS. —The loan rates for a marketing assistance loan under section 131 for other oilseeds shall be established at such level as the Secretary determines is fair and reasonable in relation to the loan rate available for soy- beans, except in no event shall the rate for the oilseeds (other than cottonseed) be less than the rate established for soyjbeans on a per-pound basis for the same crop. SEC. 133. TERM OF LOANS. 7 USC 7233. (a) TERM OF LOAN. —In the case of each loan commodity (other than upland cotton or extra long staple cotton), a marketing assistance loan under section 131 shall have a term of 9 months beginning