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

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

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

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Source location: Title 7, Chapter 100, § 7235; chapter-100-agricultural-market-transition.md

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**(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 staple cotton** This section shall not apply with respect to extra long staple cotton. **(e) Transition** A payment to a producer eligible for a payment under subsection (a)(2) that harvested a commodity on or before the date that is 30 days after the promulgation of the regulations implementing subsection (a)(2) shall be determined as the date the producer lost beneficial interest in the commodity, as determined by the Secretary. **(f) Beneficial interest** Subject to subsection (e), a producer shall be eligible for a payment under this section only if the producer has a beneficial interest in the commodity, as determined by the Secretary. **(g) Effective date for payment rate determination** For the 2001 crop year, the Secretary shall determine the amount of the loan deficiency payment to be made under this section to the producers on a farm with respect to a quantity of a loan commodity using the payment rate in effect under subsection (c) as of the earlier of the following: (1) The date on which the producers marketed or otherwise lost beneficial interest in the crop of the loan commodity, as determined by the Secretary. (2) The date the producers requested the payment.

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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

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 7231

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

7 U.S.C. § 7234 — Repayment of loans

**(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 l

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

7 U.S.C. § 7936 — Loan deficiency payments

**(a) Availability of loan deficiency payments** (1) **In general** — Except as provided in subsection (d), the Secretary may make loan deficiency payments available to producers on a farm that, although eligible to obtain 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) with respect to a loan commodity, agree to forgo obtaining the loan for the commodity in return for loan deficiency payments under this section. (2) **Unshorn pelts, hay, and silage** — Nongraded wool in the form of unshorn pelts and hay and silage derived from a loan commodity are not eligible for 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). However, effective for the 2002 through 2007 crop years, the Secretary may make loan deficiency payments available under this section to producers on a farm that produce unshorn pelts or hay and silage derived from a loan commodity. **(b) Computation** A loan deficiency payment for a loan commodity or commodity referred to in subsection (a)(2) shall be computed by multiplying— (1) the payment rate determined under subsection (c) for the commodity; by (2) the quantity of the commodity produced by the eligible producers, excluding any quantity for which the producers obtain 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). **(c) Payment rate** (1) **In general** — In the case of a loan commodity, the payment rate shall be the amount by which— (A) the loan rate established under [section 7932 of this title](http

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 7936

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

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

Page 1978 TITLE 7—AGRICULTURE § 7235 ton (adjusted to United States quality and lo- cation) 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, as determined by the Sec- retary; 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 ad- justed prevailing world market price for up- land 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 ex- ports. (B) The current level of cotton export sales and cotton export shipments. (C) Other data determined by the Sec- retary to be relevant in establishing an ac- curate prevailing world market price for up- land cotton (adjusted to United States qual- ity 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 cot- ton delivered C.I.F. Northern Europe; and (B) the Northern Europe price. (Pub. L. 104–127, title I, § 134, Apr. 4, 1996, 110 Stat. 908.) § 7235. Loan deficiency payments (a) Availability of loan deficiency payments Except as

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