Sec. 1203. Repayment rates for extra long staple cotton
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Section 1204 of the Agricultural Act of 2014 ( 7 U.S.C. 9034 ) is further amended— in subsection (c)— by striking shall be at the and inserting the following: shall be the lesser of— the ; by striking the period at the end and inserting ; or ; and by adding at the end the following: the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section. ; in subsection (d)(1)— by striking upland cotton and inserting extra long staple cotton ; and by striking and at the end; and in subsection (e)— in the heading, by inserting after extra long staple cotton, ; and upland cotton, in paragraph (2)— in the heading, by inserting before upland ; and cotton in subparagraph (B), by striking 2024 and inserting 2030 . by redesignating paragraph
(3)as paragraph (4); and by inserting after paragraph
(2)the following: The prevailing world market price for extra long staple cotton determined under subsection (d)— shall be adjusted to United States quality and location, with the adjustment to include the average costs to market the commodity, including average transportation costs, as determined by the Secretary; and may be further adjusted, during the period beginning on the date of enactment of this paragraph and ending on July 31, 2030, if the Secretary determines the adjustment is necessary— to minimize potential loan forfeitures; to minimize the accumulation of stocks of extra long staple cotton by the Federal Government; to ensure that extra long staple cotton produced in the United States can be marketed freely and competitively, both domestically and internationally; and to ensure an appropriate transition between current-crop and forward-crop price quotations, except that the Secretary may use forward-crop price quotations prior to July 31 of a marketing year only if— there are insufficient current-crop price quotations; and the forward-crop price quotation is the lowest such quotation available. .
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Sec. 1203
Repayment rates for extra long staple cotton
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