One repayment rate becomes the lesser of the loan rate and the world price
What the document says“the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section.'';”
The section amends subsection (c) of section 1204 of the Agricultural Act of 2014 by striking the words at the loan rate and inserting words making the rate the lesser of the loan rate and the prevailing world market price for the commodity as determined and adjusted by the Secretary.
What the document actually says“the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section.'';”
A second figure is added to a repayment rule. That figure is the world market price for the crop.
The rate becomes the lower of two figures. One is the loan rate. The other is the world price.
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