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7 U.S.C. § 7234 — Repayment of loans

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7 U.S.C. § 7234 — Repayment of loans

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Source location: Title 7, Chapter 100, § 7234; chapter-100-agricultural-market-transition.md

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**(a) Repayment rates for wheat, feed grains, and oilseeds** The Secretary shall permit a producer to repay a marketing assistance loan under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim) for wheat, corn, grain sorghum, barley, oats, and oilseeds at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim), plus interest (as determined by the Secretary); or (2) a rate that the Secretary determines will— (A) minimize potential loan forfeitures; (B) minimize the accumulation of stocks of the commodity by the Federal Government; (C) minimize the cost incurred by the Federal Government in storing the commodity; and (D) allow the commodity produced in the United States to be marketed freely and competitively, both domestically and internationally. **(b) Repayment rates for upland cotton and rice** The Secretary shall permit producers to repay a marketing assistance loan under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim) for upland cotton and rice at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim), plus interest (as determined by the Secretary); 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** Repayment of a marketing assistance loan for extra long staple cotton shall be at the loan rate established for the commodity under [section 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim), plus interest (as determined by the Secretary). **(d) Prevailing world market price** For purposes of this section and [section 7236 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7236&num=0&edition=prelim), the Secretary shall prescribe by regulation— (1) a formula to determine the prevailing world market price for each loan commodity, adjusted to United States quality and location; and (2) a mechanism by which the Secretary shall announce periodically the prevailing world market price for each loan commodity. **(e) Adjustment of prevailing world market price for upland cotton** (1) **In general** — During the period ending July 31, 2003, 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 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim), 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) 13⁄32-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) 13⁄32-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. (B) The current level of cotton export sales and cotton export shipments. (C) Other data determined by the Secretary to be relevant in establishing an accurate prevailing world market price for upland cotton (adjusted to United States quality and location). (3) **Limitation on further adjustment** — The adjustment under paragraph (2) may not exceed the difference between— (A) the Friday through Thursday average price for the lowest-priced United States growth as quoted for Middling 13⁄32-inch cotton delivered C.I.F. Northern Europe; and (B) the Northern Europe price.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7232 — Loan rates for marketing assistance loans

**(a) Wheat** (1) **Loan rate** — Subject to paragraph (2), the loan rate for a marketing assistance loan under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim) for wheat shall be— (A) not less than 85 percent of the simple average price received by producers of wheat, as determined by the Secretary, during the marketing years for the immediately preceding 5 crops of wheat, 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 more than $2.58 per bushel. (2) **Stocks to use ratio adjustment** — If the Secretary estimates for any marketing year that the ratio of ending stocks of wheat to total use for the marketing year will be— (A) equal to or greater than 30 percent, the Secretary may reduce the loan rate for wheat for the corresponding crop by an amount not to exceed 10 percent in any year; (B) less than 30 percent but not less than 15 percent, the Secretary may reduce the loan rate for wheat for the corresponding crop by an amount not to exceed 5 percent in any year; or (C) less than 15 percent, the Secretary may not reduce the loan rate for wheat for the corresponding crop. **(b) Feed grains** (1) **Loan rate for corn** — Subject to paragraph (2), the loan rate for a marketing assistance loan under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim) for corn shall be— (A) not less than 85 percent of the simple average price received by producers of corn, as determined by the Secretary, during the marketing years for the immediately preceding 5 crops of corn, excluding the year in which the average

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7231 — Availability of nonrecourse marketing assistance loans

**(a) Nonrecourse loans available** For each of the 1996 through 2002 crops of each loan commodity, the Secretary shall make available to producers on a farm nonrecourse marketing assistance loans for loan commodities produced on the farm. The loans shall be made under terms and conditions that are prescribed by the Secretary and at the loan rate established under [section 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim) for the loan commodity. **(b) Eligible production** The following production shall be eligible for a marketing assistance loan under subsection (a): (1) In the case of a marketing assistance loan for a contract commodity, any production by a producer on a farm containing eligible cropland covered by a production flexibility contract. (2) In the case of a marketing assistance loan for extra long staple cotton and oilseeds, any production. **(c) Compliance with conservation and wetlands requirements** As a condition of the receipt of a marketing assistance loan under subsection (a), the producer shall comply with applicable conservation requirements under subtitle B of title XII of the Food Security Act of 1985 ([16 U.S.C. 3811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title16-section3811&num=0&edition=prelim) et seq.) and applicable wetland protection requirements under subtitle C of title XII of the Act ([16 U.S.C. 3821](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title16-section3821&num=0&edition=prelim) et seq.) during the term of the loan. **(d) Additional outlays prohibited** The Secretary shall carry out this subchapter in such a manner that there are no additional outlays under this subchapter as a result of the reconstitution of a fa

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7236 — Special marketing loan provisions for upland cotton

**(a) Cotton user marketing certificates** (1) **Issuance** — During the period ending July 31, 2003, the Secretary shall issue marketing certificates or cash payments, at the option of the recipient, to domestic users and exporters for documented purchases by domestic users and sales for export by exporters made in the week following a consecutive 4-week period in which— (A) the Friday through Thursday average price quotation for the lowest-priced United States growth, as quoted for Middling (M) 13⁄32-inch cotton, delivered C.I.F. Northern Europe exceeds the Northern Europe price by more than 1.25 cents per pound; and (B) the prevailing world market price for upland cotton (adjusted to United States quality and location) does not exceed 134 percent of the loan rate for upland cotton established under [section 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim). (2) **Value of certificates or payments** — The value of the marketing certificates or cash payments shall be based on the amount of the difference (reduced by 1.25 cents per pound) in the prices during the 4th week of the consecutive 4-week period multiplied by the quantity of upland cotton included in the documented sales. (3) **Administration of marketing certificates** (A) *Redemption, marketing, or exchange* — The Secretary shall establish procedures for redeeming marketing certificates for cash or marketing or exchange of the certificates for agricultural commodities owned by the Commodity Credit Corporation or pledged to the Commodity Credit Corporation as collateral for a loan in such manner, and at such price levels, as the Secretary determines will best effectuate the purposes of cotton user marketing certificates, includ

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7235 — Loan deficiency payments

**(a) Availability of loan deficiency payments** Except as provided in subsection (d), the Secretary may make loan deficiency payments available to— (1) producers who, although eligible to obtain a marketing assistance loan under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim) with respect to a loan commodity, agree to forgo obtaining the loan for the commodity in return for payments under this section; and (2) effective only for the 2000 and 2001 crop years, producers that, although not eligible to obtain such a marketing assistance loan under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim), produce a contract commodity. **(b) Computation** A loan deficiency payment under this section shall be computed by multiplying— (1) the loan payment rate determined under subsection (c) for the loan commodity; by (2) the quantity of the loan commodity produced by the eligible producers, excluding any quantity for which the producers obtain a loan under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim). **(c) Loan payment rate** For purposes of this section, the loan payment rate shall be the amount by which— (1) the loan rate established under [section 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim) for the loan commodity; exceeds (2) the rate at which a loan for the commodity may be repaid under [section 7234 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7234&num=0&edition=prelim). **(d) Exception for extra long

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7935 — Repayment of loans

**(a) General rule** The Secretary shall permit the producers on a farm to repay a marketing assistance loan under [section 7931 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7931&num=0&edition=prelim) for a loan commodity (other than upland cotton, rice, extra long staple cotton, and confectionery and each other kind of sunflower seed (other than oil sunflower seed)) at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 7932 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7932&num=0&edition=prelim), plus interest (determined in accordance with [section 7283 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7283&num=0&edition=prelim)); or (2) a rate that the Secretary determines will— (A) minimize potential loan forfeitures; (B) minimize the accumulation of stocks of the commodity by the Federal Government; (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 internationally; 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 7931 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7931&num=0&edition=prelim) for upland cotton and rice at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 7932 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7234 — Repayment of loans

Page 1977 TITLE 7—AGRICULTURE § 7234 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 7231 of this title for rice shall be $6.50 per hundredweight. (f) Oilseeds (1) Soybeans The loan rate for a marketing assistance loan under section 7231 of this title for soy- beans shall be— (A) not less than 85 percent of the simple average price received by producers of soy- beans, as determined by the Secretary, dur- ing 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, mustard seed, and flaxseed The loan rate for a marketing assistance loan under section 7231 of this title for sun- flower seed, canola, rapeseed, safflower, mus- tard seed, and flaxseed, individually, shall be— (A) not less than 85 percent of the simple average price received by producers of sun- flower 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

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