PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 157 (C) minimize the cost incurred by the Federal Government in storing the commodity; (D) allow the commodity produced in the United States to be marketed freely and competitively, both domestically and internationaly; and (E) minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries. (b) REPAYMENT RATES FOR UPLAND COTTON AND RICE. —The Secretary shall permit producers to repay a marketing assistance loan under section 1201 for upland cotton and rice at a rate that is the lesser of— (1) the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7283)); or (2) the prevailing world market price for the commodity (adjusted to United States quality and location), as determined by the Secretary. (c) REPAYMENT RATES FOR EXTRA LONG STAPLE COTTON. — Repa3anent of a marketing assistance loan for extra long staple cotton shall be at the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7283)). (d) PREVAILING WORLD MARKET PRICE.— For purposes of this Regulations, section and section 1207, the Secretary shall prescribe by regulation— (1) a formula to determine the prevailing world market price for upland cotton and rice, adjusted to United States quality and location; and (2) a mechanism by which the Secretary shall announce periodically the prevailing world market price for upland cotton and rice. (e) ADJUSTMENT OF PREVAILING WORLD MARKET PRICE FOR UPLAND COTTON.— (1) IN GENERAL. —During the period beginning on the date of the enactment of this Act through July 31, 2008, the prevailing world market price for upland cotton (adjusted to United States quality and location) established under subsection (d) shall be further adjusted if— (A) the adjusted prevailing world market price is less than 115 percent of the loan rate for upland cotton established under section 1202, as determined by the Secretary; and (B) the Friday through Thursday average price quotation for the lowest-priced United States growth as quoted for Middling (M) 1%2-inch cotton delivered C.I.F. Northern Europe is greater than the Friday through Thursday average price of the 5 lowest-priced growths of upland cotton, as quoted for Middling (M) 1%2-inch cotton, delivered C.I.F. Northern Europe (referred to in this section as the "Northern Europe price"). (2) FURTHER ADJUSTMENT. —Except as provided in paragraph (3), the adjusted prevailing world market price for upland cotton shall be further adjusted on the basis of some or all of the following data, as available: (A) The United States share of world exports.
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