§ 9016.
(a)
Price loss coverage payments
If all of the producers on a farm make the election under subsection (a) or (h) of
section 9015 of this title to obtain price loss coverage or, subject to subsection (c)(1) of such section, are deemed to have made such election under subsection (c)(2) of such section, the Secretary shall make price loss coverage payments to producers on the farm on a covered commodity-by-covered-commodity basis if the Secretary determines that—
(1)
for any of the 2014 through 2018 crop years—
(A)
the effective price for the covered commodity for the crop year; is less than
(B)
the reference price for the covered commodity for the crop year; or
(2)
for any of the 2019 through 2023 crop years—
(A)
the effective price for the covered commodity for the crop year; is less than
(B)
the effective reference price for the covered commodity for the crop year.
(b)
Effective price
The effective price for a covered commodity for a crop year shall be the higher of—
(1)
the national average market price received by producers during the 12-month marketing year for the covered commodity, as determined by the Secretary; or
(2)
the national average loan rate for a marketing assistance loan for the covered commodity in effect for such crop year under subchapter II.
(d)
Payment amount
If price loss coverage payments are required to be provided under this section for any of the 2014 through 2025 crop years for a covered commodity, the amount of the price loss coverage payment to be paid to the producers on a farm for the crop year shall be equal to the product obtained by multiplying—
(1)
the payment rate for the covered commodity under subsection (c);
(2)
the payment yield for the covered commodity; and
(3)
the payment acres for the covered commodity.
(g)
Reference price for temperate japonica rice
In order to reflect price premiums, the Secretary shall provide a reference price with respect to temperate japonica rice in an amount equal to the amount established under subparagraph (F) of
section 9011(19) of this title, as adjusted by paragraph (8) of such section, multiplied by the ratio obtained by dividing—
(1)
the simple average of the marketing year average price of medium grain rice from the 2012 through 2016 crop years; by
(2)
the simple average of the marketing year average price of all rice from the 2012 through 2016 crop years.
([Pub. L. 113–79, title I, § 1116], Feb. 7, 2014, [128 Stat. 668]; [Pub. L. 115–123, div. F, § 60101(a)(8)], Feb. 9, 2018, [132 Stat. 310]; [Pub. L. 115–334, title I, § 1106], Dec. 20, 2018, [132 Stat. 4504]; [Pub. L. 118–22, div. B, title I, § 102(c)(3)], Nov. 17, 2023, [137 Stat. 116]; [Pub. L. 118–158, div. D, § 4101(c)(3)], Dec. 21, 2024, [138 Stat. 1768].)