An upland cotton grower gets a refund if the world price falls within 30 days
What the document says“the Secretary shall provide to the producer a refund (if any) in an amount equal to the difference between the lowest prevailing world market price, as determined and adjusted by the Secretary in accordance with this section, during the 30-day period following the date on which the producer repays the marketing assistance loan and the repayment rate.”
The section adds a new paragraph (2) requiring the Secretary, where an upland cotton loan is repaid at the world market price, to refund the producer the difference between the lowest prevailing world market price during the 30 days after repayment and the rate the producer actually paid.
What the document actually says“the Secretary shall provide to the producer a refund (if any) in an amount equal to the difference between the lowest prevailing world market price, as determined and adjusted by the Secretary in accordance with this section, during the 30-day period following the date on which the producer repays the marketing assistance loan and the repayment rate.”
The Secretary must pay the grower back the gap. The gap is between the rate paid and the lowest world price. That price is tracked for 30 days after the loan is paid off.
The refund only comes up if the world price falls. A grower who pays off early is not left worse off. There is no refund if the price does not drop.
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