12 2 STA T .96 6 PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8(i i )the e s t abl ish m e n t ofd iffe r entials for the v ar - io u s q ualit y fa c tors and sta p le len g ths of cotton based ona 3 -year ,w eighted moving average of the weighted designated spot mar k et regions, as determined by regional production
(iii) the elimination of any artificial split in the premium or discount between upland cotton with a 3 2 or 33 staple length due to micronaire; and (iv) a mechanism to ensure that no premium or discount is established that e x ceeds the premium or discount associated with a leaf grade that is 1 better than the applicable color grade . ( C ) DISCRET I ONA R Y RE V ISIONS. —R evisions under subparagraph ( A ) may include— (i) the use of non-spot market price data, in addi- tion to spot market price data, that would enhance the accuracy of the price information used in deter- mining quality ad j ustments under this subsection; (ii) adjustments in the premiums or discounts asso- ciated with upland cotton with a staple length of 33 or above due to micronaire with the goal of eliminating any unnecessary artificial splits in the calculations of the premiums or discounts; and (iii) such other adjustments as the S ecretary deter- mines appropriate, after consultations conducted in accordance with paragraph (3). (3) CONS UL TATION W IT HP RIVATE SECTOR.— (A) P RIOR TO REVISION.— I n making adjustments to the loan rate for cotton (including any review of the adjust- ments) as provided in this subsection, the Secretary shall consult with representatives of the U nited States cotton industry. ( B ) INAPPLICA B ILITY O F FE D ERAL ADVISORY CO M MITTEE ACT.— T he F ederal Advisory Committee Act ( 5 U.S.C. App.) shall not apply to consultations under this subsection. ( 4 ) REVIEW OF AD J USTMENTS.—The Secretary may review the operation of the upland cotton quality adjustments imple- mented pursuant to this subsection and may make further revisions to the administration of the loan program for upland cotton, by— (A) revoking or revising any actions taken under para- graph (2)(B); or (B) revoking or revising any actions taken or author- i z ed to be taken under paragraph (2)(C). (e) RICE.—The Secretary shall not make adjustments in the loan rates for long grain rice and medium grain rice, except for differences in grade and quality (including milling yields). Subti t leC—P e an ut sSEC.130 1. D E FIN I T I O NS. In this subtitle
(1) BASE ACRES FOR PEANUTS.— (A) IN G ENERAL.—The term ‘ ‘base acres for peanuts ’ ’ means the number of acres assigned to a farm pursuant to section 13 0 2 of the Farm Security and Rural Investment 7USC8 7 51.
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