7 USC 1445e - Farmer owned reserve program

U.S Code last checked for updates: Nov 22, 2024

§ 1445e.

Farmer owned reserve program

(a)

In general

(b)

Terms of program

(1)

Price support loans

(2)

Level of loans

(3)

Other terms and conditions

The Secretary shall provide for—

(A)

repayment of the extended price support loan 27 months from the date on which the original loan expired unless, at the discretion of the Secretary, the loan has been extended for one 6-month period;

(B)

a rate of interest as provided under subsection (c); and

(C)

payments to producers for storage as provided in subsection (d).

(4)

Regional differences

(c)

Interest charges

(1)

Levying of interest

(2)

90-day period

(3)

Rate of interest

(d)

Storage payments

(1)

In general

(2)

Timing

(3)

Duration

(e)

Emergencies

(f)

Quantity of commodities in program

The Secretary may establish maximum quantities of wheat and feed grains that may receive loans and storage payments under this program as follows:

(1)

The maximum quantities of wheat may not be established at less than 300 million bushels, nor more than 450 million bushels.

(2)

The maximum quantities of feed grains may not be established at less than 600 million bushels, nor more than 900 million bushels.

(g)

Announcement of program

(1)

Time of announcement

The Secretary shall announce the terms and conditions of the producer storage program for a crop of wheat and feed grains by—

(A)

in the case of wheat, December 15 of the year in which the crop of wheat was harvested; and

(B)

in the case of feed grains, March 15 of the year following the year in which the crop of corn was harvested.

(2)

Discretionary entry

The Secretary may make extended loans available to producers of wheat or feed grains if—

(A)

the Secretary determines that the average market price for wheat or corn, respectively, for the 90-day period prior to the dates specified in paragraph (1) is less than 120 percent of the current loan rate for wheat or corn, respectively; or

(B)

as of the appropriate date specified in paragraph (1), the Secretary estimates that the stocks-to-use ratio on the last day of the current marketing year will be—

(i)

in the case of wheat, more than 37.5 percent; and

(ii)

in the case of corn, more than 22.5 percent.

(3)

Mandatory entry

(4)

Content of announcement

(h)

Discretionary exit

(i)

Reconcentration of grain

(j)

Management of grain

(k)

Use of Commodity Credit Corporation

(l)

Use of commodity certificates

(m)

Additional authority

(n)

Regulations

(o)

Review

(p)

Crops

(Oct. 31, 1949, ch. 792, title I, § 110, as added Pub. L. 95–113, title XI, § 1101, Sept. 29, 1977, 91 Stat. 951; amended Pub. L. 96–234, §§ 1, 2, Apr. 11, 1980, 94 Stat. 333; Pub. L. 96–494, title II, §§ 203(a), 204, 205, Dec. 3, 1980, 94 Stat. 2571, 2572; Pub. L. 97–24, § 2, July 23, 1981, 95 Stat. 143; Pub. L. 97–98, title X, § 1001, Dec. 22, 1981, 95 Stat. 1257; Pub. L. 99–198, title X, § 1012(a), Dec. 23, 1985, 99 Stat. 1455; Pub. L. 100–203, title I, § 1108, Dec. 22, 1987, 101 Stat. 1330–6; Pub. L. 100–387, title III, § 303(b), Aug. 11, 1988, 102 Stat. 947; Pub. L. 101–624, title XI, § 1123, title XX, § 2010, Nov. 28, 1990, 104 Stat. 3503, 3932; Pub. L. 102–237, title I, § 113(7), Dec. 13, 1991, 105 Stat. 1837.)

cite as: 7 USC 1445e