Rice and upland cotton loans may be repaid at the world market price
What the document says“in the case of long grain rice and medium grain rice, the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section; or”
The section strikes paragraph (2) of subsection (b) of section 1204 of the Agricultural Act of 2014 (7 U.S.C. 9034) and inserts a new subparagraph (B) naming the prevailing world market price, as determined and adjusted by the Secretary under that section, as a repayment rate for long grain rice, medium grain rice and upland cotton.
What the document actually says“in the case of long grain rice and medium grain rice, the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section; or”
For long grain rice and medium grain rice a second rate is named. That rate is the world market price. The Secretary works it out and adjusts it.
Upland cotton gets the same treatment in the next clause. A world price below the loan rate makes the loan cheaper to pay off. The older law it sits in is not indexed here.
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