12 2 STA T .965PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8(3)ELIG I B ILI TYOFACQU I RED FEED GRAI NS.—Aloanu n derthis su b se c tion shall be m adeona q uantit y o f corn or g rain sorghum of the same cro p acquired by the producer equi v alent to a quantity determined by multiplying— (A) the acreage of the corn or grain sorghum in a high moisture state harvested on the producer ’ s farm
by ( B )thelo w er of the farm program payment yield used to ma k e counter - cyclical payments under subtitle A or the actual yield on a field , as determined by the S ecretary, that is similar to the field from which the corn or grain sorghum was obtained. (b) R ECOURSE L OANS A V AILABLE FOR SEED C OTTON.— F or each of the 20 0 8 through 20 1 2 crops of upland cotton and e x tra long staple cotton, the Secretary shall make available recourse seed cotton loans, as determined by the Secretary, on any production. (c) RE P AY M ENT RATES.—Repayment of a recourse loan made under this section shall be at the loan rate established for the commodity by the Secretary, plus interest (determined in accordance with section 1 6 3 of the Federal Agriculture I mprovement and Reform Act of 1 9 96( 7U .S.C. 7283)). SEC.12 1 0 . ADJU S TM E N TS OFL OANS. (a) AD J USTMENT AUT H ORITY.—Sub j ect to subsection (e), the Sec- retary may make appropriate adjustments in the loan rates for any loan commodity (other than cotton) for differences in grade, type, quality, location, and other factors. (b) M ANNER OF ADJUSTMENT.— T he adjustments under sub- section (a) shall, to the maximum extent practicable, be made in such a manner that the average loan level for the commodity will, on the basis of the anticipated incidence of the factors, be equal to the level of support determined in accordance with this subtitle and subtitles B through E. (c) ADJUSTMENT ON COUNTY BASIS.— (1) IN GENERAL.—The Secretary may establish loan rates for a crop for producers in individual counties in a manner that results in the lowest loan rate being 9 5 percent of the national average loan rate, if those loan rates do not result in an increase in outlays. (2) P ROHIBITION.—Adjustments under this subsection shall not result in an increase in the national average loan rate for any year. (d) ADJUSTMENT IN LOAN RATE FOR COTTON.— (1) IN GENERAL.—The Secretary may make appropriate adjustments in the loan rate for cotton for differences in quality factors. (2) REVISIONS TO QUALITY ADJUSTMENTS FOR UPLAND COTTON.— (A) IN GENERAL.— N ot later than 180 days after the date of enactment of this Act, the Secretary shall imple- ment revisions in the administration of the marketing assistance loan program for upland cotton to more accurately and efficiently reflect market values for upland cotton. (B) MANDATORY REVISIONS.—Revisions under subpara- graph (A) shall include— (i) the elimination of warehouse location differen- tials; Deadlin e .7USC8 7 40 .
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