12 2 STA T .943PUBLIC LA W 11 0– 234 —M A Y 22 , 200 8(B)Thepaym e ntr ate i ne f fe c tf o rtheco v ere d com - modity u nder s ection 1 1 03 for the purpose of ma k in g direct payments w ith respect to the covered commodity . ( 2 ) RICE . —I n the case of l ong grain rice and medium grain rice , for purposes of su b section (a), the effective price for each type or class of rice is e q ual to the sum of the following
( A ) The higher of the following: (i) The national average market price received by producers during the 12-month marketing year for the type or class of rice, as determined by the S ecretary. (ii) The national average loan rate for a marketing assistance loan for the type or class of rice in effect for the applicable period under subtitle B. (B) The payment rate in effect for the type or class of rice under section 1103 for the purpose of making direct payments with respect to the type or class of rice. (c) T ARG E TP RICE.— (1) 200 8 CR OPY EAR.— F or purposes of the 2008 crop year, the target prices for covered commodities shall be as follows: (A) W heat, $ 3. 9 2 per bushel. (B) C orn, $2. 6 3 per bushel. (C) G rain sorghum, $2. 57 per bushel. ( D ) Barley, $2.2 4 per bushel. ( E ) O ats, $1.44 per bushel. (F) U pland cotton, $0.7125 per pound. (G) L ong grain rice, $10.50 per hundredweight. ( H ) M edium grain rice, $10.50 per hundredweight. (I) Soybeans, $5.80 per bushel. ( J ) Other oilseeds, $10.10 per hundredweight. (2) 2009 CROP YEAR.—For purposes of the 2009 crop year, the target prices for covered commodities shall be as follows: (A) Wheat, $3.92 per bushel. (B) Corn, $2.63 per bushel. (C) Grain sorghum, $2.57 per bushel. (D) Barley, $2.24 per bushel. (E) Oats, $1.44 per bushel. (F) Upland cotton, $0.7125 per pound. (G) Long grain rice, $10.50 per hundredweight. (H) Medium grain rice, $10.50 per hundredweight. (I) Soybeans, $5.80 per bushel. (J) Other oilseeds, $10.10 per hundredweight. ( K ) Dry peas, $8.32 per hundredweight. (L) Lentils, $12.81 per hundredweight. (M) Small chickpeas, $10.36 per hundredweight. ( N ) Large chickpeas, $12.81 per hundredweight. (3) S UBS E Q UE N T CROP YEARS.—For purposes of each of the 2010 through 2012 crop years, the target prices for covered commodities shall be as follows: (A) Wheat, $4.17 per bushel. (B) Corn, $2.63 per bushel. (C) Grain sorghum, $2.63 per bushel. (D) Barley, $2.63 per bushel. (E) Oats, $1.79 per bushel. (F) Upland cotton, $0.7125 per pound. (G) Long grain rice, $10.50 per hundredweight. (H) Medium grain rice, $10.50 per hundredweight. (I) Soybeans, $6.00 per bushel.
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