S 165 IS

To amend the Agricultural Market Transition Act to increase loan rates for marketing assistance loans for each of the 2001 and 2002 crops, to make nonrecourse marketing assistance loans and loan deficiency payments available to producers of dry peas, lentils, chickpeas, and rye, and for other purposes.

To amend the Agricultural Market Transition Act to increase loan rates for marketing assistance loans for each of the 2001 and 2002 crops, to make nonrecourse marketing assistance loans and loan deficiency payments available to producers of dry peas, lentils, chickpeas, and rye, and for other purposes.

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

SECTION 1. SHORT TITLE.

This Act may be cited as the `Family Agriculture Recovery and Market (FARM) Equity Act of 2001'.

SEC 2. LOAN RATES FOR MARKETING ASSISTANCE LOANS.

Section 132 of the Agricultural Market Transition Act (7 U.S.C. 7232) is amended to read as follows:

`SEC. 132. LOAN RATES FOR MARKETING ASSISTANCE LOANS.

`(a) WHEAT- The loan rate for a marketing assistance loan under section 131 for wheat shall be not less than--

`(1) 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; or

`(2) $3.14 per bushel.

`(b) FEED GRAINS-

`(1) CORN- The loan rate for a marketing assistance loan under section 131 for corn shall be not less than--

`(A) 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 price was the highest and the year in which the average price was the lowest; or

`(B) $2.09 per bushel.

`(2) OTHER FEED GRAINS-

`(A) IN GENERAL- Subject to subparagraph (B), the loan rate for a marketing assistance loan under section 131 for grain sorghum, barley, and oats, individually, shall be established at such level as the Secretary determines is fair and reasonable in relation to the rate at which loans are made available for corn, taking into consideration the feeding value of the commodity in relation to corn.

`(B) MINIMUM LOAN RATES- The loan rate for a marketing assistance loan under section 131 for grain sorghum, barley, and oats, individually, shall be not less than--

`(i) 85 percent of the simple average price received by producers of grain sorghum, barley, and oats, respectively, as determined by the Secretary, during the marketing years for the immediately preceding 5 crops of grain sorghum, barley, and oats, respectively, excluding the year in which the average price was the highest and the year in which the average price was the lowest; or

`(ii)(I) in the case of grain sorghum, $1.89 per bushel;

`(II) in the case of barley, $2.01 per bushel; and

`(III) in the case of oats, $1.27 per bushel.

`(c) UPLAND COTTON-

`(1) LOAN RATE- Subject to paragraph (2), the loan rate for a marketing assistance loan under section 131 for upland cotton shall be established by the Secretary at such loan rate, per pound, as will reflect for the base quality of upland cotton, as determined by the Secretary, at average locations in the United States, a rate that is not less than the lesser of--

`(A) 85 percent of the average price (weighted by market and month) of the base quality of cotton as quoted in the designated United States spot markets 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; or

`(B) 90 percent of the average, for the 15-week period beginning July 1 of the year preceding the year in which the crop is planted, of the 5 lowest-priced growths of the growths quoted for Middling 1 3/32 -inch cotton C.I.F. Northern Europe (adjusted downward by the average difference, during the period April 15 through October 15 of the year preceding the year in which the crop is planted, between the average Northern European price quotation of that quality of cotton and the market quotations in the designated United States spot markets for the base quality of upland cotton), as determined by the Secretary.

`(2) LIMITATIONS- The loan rate for a marketing assistance loan for upland cotton shall not be less than $0.5826 per pound.

`(d) EXTRA LONG STAPLE COTTON- The loan rate for a marketing assistance loan under section 131 for extra long staple cotton shall be not less than--

`(1) 85 percent of the simple average price received by producers of extra long 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; or

`(2) $0.8768 per pound.

`(e) RICE- The loan rate for a marketing assistance loan under section 131 for rice shall be not less than--

`(1) 85 percent of the simple average price received by producers of rice, 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; or

`(2) $7.81 per hundredweight.

`(f) OILSEEDS-

`(1) SOYBEANS- The loan rate for a marketing assistance loan under section 131 for soybeans shall be not less than--

`(A) 85 percent of the simple average price received by producers of soybeans, as determined by the Secretary, during 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; or

`(B) $5.26 per bushel.

`(2) SUNFLOWER SEED, CANOLA, RAPESEED, SAFFLOWER, MUSTARD SEED, AND FLAXSEED- The loan rate for a marketing assistance loan under section 131 for sunflower seed, canola, rapeseed, safflower, mustard seed, and flaxseed, individually, shall be not less than--

`(A) 85 percent of the simple average price received by producers of sunflower seed, canola, rapeseed, safflower, mustard seed, and flaxseed, respectively, as determined by the Secretary, during the marketing years for the immediately preceding 5 crops of sunflower seed, canola, rapeseed, safflower, mustard seed, and flaxseed, respectively, excluding the year in which the average price was the highest and the year in which the average price was the lowest; or

`(B)(i) in the case of oil sunflower seed, $0.093 per pound;

`(ii) in the case of nonoil sunflower seed, $0.1176 per pound;

`(iii) in the case of canola, $0.0945 per pound;

`(iv) in the case of rapeseed, $0.1001 per pound;

`(v) in the case of safflower, $0.1259 per pound;

`(vi) in the case of mustard seed, $0.1176 per pound; and

`(vii) in the case of flaxseed, $0.093 per pound.

`(3) OTHER OILSEEDS- The loan rates for a marketing assistance loan under section 131 for other oilseeds shall be established at such level as the Secretary determines is fair and reasonable in relation to the loan rate available for soybeans, except that the rate for the oilseeds (other than cottonseed) shall not be less than the rate established for soybeans on a per-pound basis for the same crop.'.

SEC. 3. NONRECOURSE MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS FOR DRY PEAS, LENTILS, CHICKPEAS, AND RYE.

(a) DEFINITION OF LOAN COMMODITY- Section 102(10) of the Agricultural Market Transition Act (7 U.S.C. 7202(10)) is amended by striking `and oilseed' and inserting `oilseed, dry peas, lentils, chickpeas, and rye'.

(b) AVAILABILITY OF NONRECOURSE LOANS- Section 131(a) of the Agricultural Market Transition Act (7 U.S.C. 7231(a)) is amended in the first sentence by inserting after `each loan commodity' the following: `(other than dry peas, lentils, chickpeas, and rye) and each of the 2001 and 2002 crops of dry peas, lentils, chickpeas, and rye'.

(c) LOAN RATES- Section 132 of the Agricultural Market Transition Act (7 U.S.C. 7232) (as amended by section 2) is amended by adding at the end the following:

`(g) DRY PEAS, LENTILS, CHICKPEAS, AND RYE- The loan rate for a marketing assistance loan under section 131 for dry peas, lentils, chickpeas, and rye, individually, shall be not less than--

`(1) 85 percent of the simple average price received by producers of dry peas, lentils, chickpeas, and rye, respectively, as determined by the Secretary, during the marketing years for the immediately preceding 5 crops of dry peas, lentils, chickpeas, and rye, respectively, excluding the year in which the average price was the highest and the year in which the average price was the lowest; or

`(2)(A) in the case of dry peas, $7.00 per hundredweight;

`(B) in the case of lentils, $12.00 per hundredweight;

`(C) in the case of chickpeas, $15.00 per hundredweight; and

`(D) in the case of rye, $2.80 per bushel.'.

(d) REPAYMENT OF LOANS- Section 134(a) of the Agricultural Market Transition Act (7 U.S.C. 7234(a)) is amended--

(1) by striking `AND OILSEEDS- ' and inserting `OILSEEDS, DRY PEAS, LENTILS, CHICKPEAS, AND RYE- '; and

(2) by striking `and oilseeds' and inserting `oilseeds, dry peas, lentils, chickpeas, and rye'.

(e) PAYMENT LIMITATION- Section 1001(2) of the Food Security Act of 1985 (7 U.S.C. 1308(2)) is amended by striking `contract commodities and oilseeds' and inserting `contract commodities, oilseeds, dry peas, lentils, chickpeas, and rye'.

SEC. 4. APPLICABILITY.

This Act and the amendments made by this Act shall apply to each of the 2001 and 2002 crops of a loan commodity (as defined in section 102 of the Agricultural Market Transition Act (7 U.S.C. 7202) (as amended by section 3(a))).