To extend eligibility for loan deficiency payments and payments in lieu of loan deficiency payments.

To extend eligibility for loan deficiency payments and payments in lieu of loan deficiency payments.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. LOAN DEFICIENCY PAYMENTS.

Section 135 of the Agricultural Market Transition Act (7 U.S.C. 7235) is amended by striking subsection (e) and inserting the following:

`(e) LOST BENEFICIAL INTEREST- If a producer eligible for a payment under subsection (a) looses beneficial interest in a commodity, the producer shall be eligible for the payment determined as of the date the producer lost beneficial interest in the commodity, as determined by the Secretary.'.

SEC. 2. PAYMENTS IN LIEU OF LOAN DEFICIENCY PAYMENTS.

Section 205 of the Agricultural Risk Protection Act of 2000 (7 U.S.C. 1421 note; Public Law 106-224) is amended--

(1) in subsection (a), by striking `the 2001 crop year' and inserting `each of the 2001 and 2002 crop years';

(2) by inserting `grain sorghum,' after `wheat,' each place it appears; and

(3) in subsection (c)(1), by striking `not later than September 30, 2001.' and inserting `not later than--

`(A) in the case of the 2001 crop year, September 30, 2001; and

`(B) in the case of the 2002 crop year, September 30, 2002.'.