Sec. 11017. Peanut revenue crop insurance
181 words·~1 min read·
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The Federal Crop Insurance Act is amended by inserting after section 508B, as added by the previous section, the following new section: Effective beginning with the 2014 crop year, the Risk Management Agency and the Corporation shall make available to producers of peanuts a revenue crop insurance program for peanuts. Subject to subsection (c), for purposes of the revenue crop insurance program and the multiperil crop insurance program under this Act, the effective price for peanuts shall be equal to the Rotterdam price index for peanuts, as adjusted to reflect the farmer stock price of peanuts in the United States. The effective price for peanuts established under subsection
(b)may be adjusted by the Risk Management Agency and the Corporation to correct distortions. If an adjustment is made under paragraph (1), the Risk Management Agency and the Corporation shall— make the adjustment in an open and transparent manner; and submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that describes the reasons for the adjustment. .