§ 1427. Commodity Credit Corporation sales price restrictions

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1949

   Agricultural Act of 1949

   Pub. L. 81–792 · 63 Stat. 1051

   Enacted · 7 U.S.C. § 1427

   Oct. 31, 1949, ch. 792, title IV, § 407, 63 Stat. 1055

   Source evidence

   Code source credit
   Oct. 31, 1949, ch. 792, title IV, § 407, 63 Stat. 1055

2. 1958

   Agricultural Act of 1958

   Pub. L. 85–835 title I § 109 · 72 Stat. 988

   Changed · 7 U.S.C. § 1427

   Pub. L. 85–835 required Corporation to sell cotton for unrestricted use at not less than 15 per centum above support price plus reasonable carrying charges, and authorized Corporation to sell at market price a number of bales equal to that by which the national marketing quota is less than domestic consumption and exports

   Source evidence

   Code amendment note
   Pub. L. 85–835 required Corporation to sell cotton for unrestricted use at not less than 15 per centum above support price plus reasonable carrying charges, and authorized Corporation to sell at market price a number of bales equal to that by which the national marketing quota is less than domestic consumption and exports.

   Enacted provision · exact public law section
   Sec. 109. ccc sales restrictions Section 407 of the Agricultural Act of 1949, as amended, 7 USC 1427. is amended by substituting a colon for the period at the end of the third sentence and adding at the end thereof the following: “Provided, That effective with the beginning of the marketing year for the 1961 crop, the Corporation shall not sell any upland or extra long staple cotton for unrestricted use at less than 15 per centum above the current support price for cotton plus reasonable carrying charges, except that the Corporation may, in an orderly manner and so as not to affect market prices unduly, sell for unrestricted use at the market price at the time of sale a number of bales of cotton equal to the number of bales by which the national marketing quota for such marketing year is reduced below the estimated domestic consumption and exports for such marketing year pursuant to the provisions of section 342 of the Agricultural Adjustment Act of 1938, as amended. 7 USC 1342. ”

3. 1961

   Pub. L. 87–127 · 75 Stat. 293

   Changed · 7 U.S.C. § 1427

   Pub. L. 87–127 empowered Corporation to sell, at not less than 75 percent of the current support price, feed owned or controlled by it to assist in the preservation and maintenance of foundation herds of cattle, sheep, and goats in such areas where the Secretary determines an emergency exists warranting such assistance

   Source evidence

   Code amendment note
   Pub. L. 87–127 empowered Corporation to sell, at not less than 75 percent of the current support price, feed owned or controlled by it to assist in the preservation and maintenance of foundation herds of cattle, sheep, and goats in such areas where the Secretary determines an emergency exists warranting such assistance.

4. 1962

   Food and Agriculture Act of 1962

   Pub. L. 87–703 title III § 325(2) · 76 Stat. 605

   Changed · 7 U.S.C. § 1427

   Pub. L. 87–703 prescribed that a marketing certificate accompany the support price for wheat and wheat sold and authorized the Secretary to make Commodity Credit Corporation feed available, prior to Dec. 31, 1963, to milk producers to assure supply free of radioactive fallout contamination, respectively

   Source evidence

   Code amendment note
   Pub. L. 87–703 prescribed that a marketing certificate accompany the support price for wheat and wheat sold and authorized the Secretary to make Commodity Credit Corporation feed available, prior to Dec. 31, 1963, to milk producers to assure supply free of radioactive fallout contamination, respectively.

   Enacted provision · exact public law section
   (2) By changing the period at the end of the third sentence in section 407 to a colon and adding the following: “Provided, That 63 Stat. 1055. 7 USC 1427. if a wheat marketing allocation program is in effect, the current support price for wheat shall be the support price for wheat accompanied by marketing certificate and wheat sold shall be accompanied by a marketing certificate.”

5. 1964

   Agricultural Act of 1964

   Pub. L. 88–297 § 104 · 78 Stat. 173

   Inserted · 7 U.S.C. § 1427

   Pub. L. 88–297, § 104, inserted proviso that beginning Aug. 1, 1964, the Corporation may sell upland cotton for unrestricted use at not less than 105 per centum of the current loan rate for such cotton under section 1444(a) of this title plus reasonable carrying charges

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 88–297, § 104, inserted proviso that beginning Aug. 1, 1964, the Corporation may sell upland cotton for unrestricted use at not less than 105 per centum of the current loan rate for such cotton under section 1444(a) of this title plus reasonable carrying charges.

   Enacted provision · exact public law section
   Sec. 104. Section 407 of the Agricultural Act of 1949, as amended, Sale of commodities. 72 Stat. 993. 7 USC 1427. is amended by inserting after the first proviso in the third sentence thereof the following: “Provided further, That beginning August 1, 1964, the Commodity Credit Corporation may sell upland cotton for unrestricted use at not less than 105 per centum of the current loan rate for such cotton under section 103(a) plus reasonable carrying Ante, p. 174. charges:”.

6. 1964

   Agricultural Act of 1964

   Pub. L. 88–297 § 204 · 78 Stat. 173

   Substituted · 7 U.S.C. § 1427

   Pub. L. 88–297, § 204, temporarily substituted proviso that if wheat marketing allocation program is in effect, the current price for wheat shall be the support price for wheat not accompanied by marketing certificates for proviso prescribing support price for wheat accompanied by marketing certificate and sale of wheat to be accompanied by marketing certificate, respectively. See Effective and Termination Dates of 1964 Amendment note below

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 88–297, § 204, temporarily substituted proviso that if wheat marketing allocation program is in effect, the current price for wheat shall be the support price for wheat not accompanied by marketing certificates for proviso prescribing support price for wheat accompanied by marketing certificate and sale of wheat to be accompanied by marketing certificate, respectively. See Effective and Termination Dates of 1964 Amendment note below.

   Enacted provision · exact public law section
   Sec. 204. Section 407 of the Agricultural Act of 1949, as amended, 63 Stat. 1055. 7 USC 1427. is amended, effective only with respect to the marketing years beginning in the calendar years 1964 and 1965, and by striking the second proviso from the third sentence, and substituting: “Provided further, That if a wheat marketing allocation program is in effect, the current support price for wheat shall be the support price for wheat not accompanied by marketing certificates.”

7. 1964

   Pub. L. 88–585 § 1 · 78 Stat. 927

   Inserted · 7 U.S.C. § 1427

   Pub. L. 88–585 provided that the Corporation, in providing feed to distressed areas, may charge not less than 75 percent of the current basic county support rate including the value of any applicable price support payment in kind, included the Virgin Islands within those areas where such feed can be made obtainable, authorized the Secretary to provide feed by feed dealers under such arrangement that the feed so furnished would be replaced with feed owned or controlled by the Corporation and sold to such persons, and inserted “or other area” after “one or more central locations in each State”

   Source evidence

   Code amendment note
   Pub. L. 88–585 provided that the Corporation, in providing feed to distressed areas, may charge not less than 75 percent of the current basic county support rate including the value of any applicable price support payment in kind, included the Virgin Islands within those areas where such feed can be made obtainable, authorized the Secretary to provide feed by feed dealers under such arrangement that the feed so furnished would be replaced with feed owned or controlled by the Corporation and sold to such persons, and inserted “or other area” after “one or more central locations in each State”.

8. 1965

   Food and Agriculture Act of 1965

   Pub. L. 89–321 title IV § 404 · 79 Stat. 1187

   Changed · 7 U.S.C. § 1427

   Pub. L. 89–321 required that notwithstanding any other provision of this section, for the period August 1, 1966, through July 31, 1970, (1) the Commodity Credit Corporation shall sell upland cotton for unrestricted use at the same prices as it sells cotton for export, in no event, however, at less than 110 per centum of the loan rate, and (2) the Commodity Credit Corporation shall sell or make available for unrestricted use at current market prices in each marketing year a quantity of upland cotton equal to the amount by which the production of upland cotton is less than the estimated requirements for domestic use and for export for such marketing year, permitted the Secretary to make such estimates and adjustments therein at such times as he determines will best effectuate the provisions of part (2) of the foregoing sentence, and required such quantities of cotton as are required to be sold under such sentence to be offered for sale in an orderly manner and so as not to affect market prices unduly

   Source evidence

   Code amendment note
   Pub. L. 89–321 required that notwithstanding any other provision of this section, for the period August 1, 1966, through July 31, 1970, (1) the Commodity Credit Corporation shall sell upland cotton for unrestricted use at the same prices as it sells cotton for export, in no event, however, at less than 110 per centum of the loan rate, and (2) the Commodity Credit Corporation shall sell or make available for unrestricted use at current market prices in each marketing year a quantity of upland cotton equal to the amount by which the production of upland cotton is less than the estimated requirements for domestic use and for export for such marketing year, permitted the Secretary to make such estimates and adjustments therein at such times as he determines will best effectuate the provisions of part (2) of the foregoing sentence, and required such quantities of cotton as are required to be sold under such sentence to be offered for sale in an orderly manner and so as not to affect market prices unduly.

   Enacted provision · exact public law section
   Sec. 404. Section 407 of the Agricultural Act of 1949, as amended, is amended by adding at the end thereof the following: “Notwithstanding any other provision of this section, for the period August 1, 1966, through July 31, 1970, (1) the Commodity Credit Corporation shall sell upland cotton for unrestricted use at the same prices as it sells cotton for export, in no event, however, at less than 110 per centum of the loan rate, and (2) the Commodity Credit Corporation shall sell or make available for unrestricted use at current market prices in each marketing year a quantity of upland cotton equal to the am omit by which the production of upland cotton is less than the estimated requirements for domestic use and for export for such marketing year. The Secretary may make such estimates and adjustments therein at such times as he determines will best effectuate the provisions of part (2) of the foregoing sentence and such quantities of cotton as are required to be sold under such sentence shall be offered for sale in an orderly manner and so as not to affect market prices unduly.”

9. 1966

   Food for Peace Act of 1966

   Pub. L. 89–808 § 3(e) · 80 Stat. 1526

   Inserted · 7 U.S.C. § 1427

   Pub. L. 89–808 inserted proviso to third sentence prohibiting, whenever carryover at end of any marketing year of a price supported agricultural commodity for which a voluntary adjustment program is in effect will be less than 25 per centum (35 per centum in the case of wheat) of the estimated export and domestic consumption of such commodity during such marketing year, sale of CCC stocks of such commodity during such year for unrestricted use at less than 115 per centum (120 per centum in the case of wheat whenever its carryover will be less than 25 per centum of such estimated export and domestic consumption) of the current price support loan plus reasonable carrying charges

   Source evidence

   Code amendment note
   Pub. L. 89–808 inserted proviso to third sentence prohibiting, whenever carryover at end of any marketing year of a price supported agricultural commodity for which a voluntary adjustment program is in effect will be less than 25 per centum (35 per centum in the case of wheat) of the estimated export and domestic consumption of such commodity during such marketing year, sale of CCC stocks of such commodity during such year for unrestricted use at less than 115 per centum (120 per centum in the case of wheat whenever its carryover will be less than 25 per centum of such estimated export and domestic consumption) of the current price support loan plus reasonable carrying charges.

   Enacted provision · exact public law section
   (e) Section 407 of the Agricultural Act of 1949, as amended, is amended by striking the period at the end of the third sentence thereof and adding the following: “: Provided, That whenever the Secretary of Agriculture determines that the carryover at the end of any marketing year of a price supported agricultural commodity for which a voluntary adjustment program is in effect will be less than 25 per centum (35 per centum in the case of wheat) of the estimated export and domestic consumption of such commodity during such marketing year, the Commodity Credit Corporation shall not sell any of its stocks of such commodity during such year for unrestricted use at less than 115 per centum (120 per centum in the case of wheat whenever its carry-over will be less than 25 per centum of such estimated export and domestic consumption) of the current price support loan plus reasonable carrying charges.”

10. 1968

    Pub. L. 90–475 § 7 · 82 Stat. 701

    Changed · 7 U.S.C. § 1427

    Pub. L. 90–475 required that notwithstanding any other provision of this section, effective Aug. 1, 1968, the Commodity Credit Corporation make available for sale for unrestricted use at current market prices a quantity of American grown extra long staple cotton equal to the specified amount, with the proviso that beginning with the marketing year for which the national marketing quota is not established pursuant to section 1347(b)(3) of this title, no sales shall be made at less than 115 percent of the loan rate for extra long staple cotton under section 1441(f) of this title, and required the Secretary to make adjustments in the quantities of cotton to be made available

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 90–475 required that notwithstanding any other provision of this section, effective Aug. 1, 1968, the Commodity Credit Corporation make available for sale for unrestricted use at current market prices a quantity of American grown extra long staple cotton equal to the specified amount, with the proviso that beginning with the marketing year for which the national marketing quota is not established pursuant to section 1347(b)(3) of this title, no sales shall be made at less than 115 percent of the loan rate for extra long staple cotton under section 1441(f) of this title, and required the Secretary to make adjustments in the quantities of cotton to be made available.

    Enacted provision · exact public law section
    Sec. 7. Section 407 of the Agricultural Act of 1949, as amended, American grown extra long staple cotton, sale at market prices. 63 Stat. 1055. 7 USC 1427. is amended by adding at the end thereof the following: “Notwithstanding any other provision of this section, effective August 1, 1968, the Commodity Credit Corporation shall make available during each marketing year for sale for unrestricted use at market, prices at the time of sale, a quantity of American grown extra long staple cotton equal to the amount by which the production of such cotton in the calendar year in which such marketing year begins is less than the estimated requirements of American grown extra long staple cotton for domestic use and for export for such marketing year: Provided, That no sales shall be made at less than 115 per centum of the loan rate for extra long staple cotton under section 101(f) of this Act Ante, p. 702. beginning with the marketing year for the first crop for which the national marketing quota for extra long staple cotton is not established under paragraph (3) of section 347(b) of the Agricultural Adjustment Act of 1938, as amended. The Secretary may make such estimates Ante, p. 701. and adjustments therein at such times as he determines will best effectuate the provisions of the foregoing sentence and such quantities of cotton as are required to be sold under such sentence shall be offered for sale in an orderly manner and so as not to affect market prices unduly.”

11. 1968

    Pub. L. 90–559 § 1(5) · 82 Stat. 996

    Changed · 7 U.S.C. § 1427

    Pub. L. 90–559 extended termination date for sale of upland cotton from July 31, 1970, to July 31, 1971

    Source evidence

    Code amendment note
    Pub. L. 90–559 extended termination date for sale of upland cotton from July 31, 1970, to July 31, 1971.

    Enacted provision · exact public law section
    (1) by striking out “through 1969” wherever it appears and substituting “through 1970”;

12. 1970

    Agricultural Act of 1970

    Pub. L. 91–524 title IV § 409 · 84 Stat. 1358

    Changed · 7 U.S.C. § 1427

    Pub. L. 91–524 temporarily established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges, changed the price at which purchases must be made to offset sales in the interest of the efficient conduct of the Corporation’s operations to an amount not exceeding the minimum sales price for the commodity for unrestricted use, and provided for sale of upland cotton by the Corporation for unrestricted use at the same prices as it sold for export, in no event, however, at less than 110 percent of the loan rate for Middling one-inch cotton (micronaire 3.5 through 4.9) adjusted for such current market differentials reflecting grade, quality, location, and other value factors as deemed appropriate by the Secretary, plus reasonable carrying charges. See Effective and Termination Dates of 1970 Amendment note below

    Source evidence

    Code amendment note
    Pub. L. 91–524 temporarily established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges, changed the price at which purchases must be made to offset sales in the interest of the efficient conduct of the Corporation’s operations to an amount not exceeding the minimum sales price for the commodity for unrestricted use, and provided for sale of upland cotton by the Corporation for unrestricted use at the same prices as it sold for export, in no event, however, at less than 110 percent of the loan rate for Middling one-inch cotton (micronaire 3.5 through 4.9) adjusted for such current market differentials reflecting grade, quality, location, and other value factors as deemed appropriate by the Secretary, plus reasonable carrying charges. See Effective and Termination Dates of 1970 Amendment note below.

    Enacted provision · exact public law section
    Sec. 409. Section 407 of the Agricultural Act of 1949, as amended, is 63 Stat. 1055; 79 Stat. 1197; 82 Stat. 703, 996. 7 USC 1427. further amended effective only with respect to the marketing years for the 1971, 1972, and 1973 crops of the commodity as follows: (1) by deleting in the third sentence the language following the third colon and substituting the following: “Provided, That the Corporation shall not sell any of its stocks of wheat, corn, grain sorghum, barley, oats, and rye, respectively, at less than 115 per centum of the current national average loan rate for the commodity, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate, plus reasonable carrying charges.” (2) by deleting in the fifth sentence “current basic county support rate including the value of any applicable price-support payment in kind (or a comparable price if there is no current basic county support rate)” and substituting “current basic county loan rate (or a comparable price if there is no current basic county loan rate) ”, and (3) by deleting in the seventh sentence “, but in no event shall the purchase price exceed the then current support price for such commodities.” and substituting “or unduly affecting market prices, but in no event shall the purchase price exceed the Corporation’s minimum sales price for such commodities for unrestricted use.”

13. 1977

    Food and Agriculture Act of 1977

    Pub. L. 95–113 title IV § 408 · 91 Stat. 913

    Substituted · 7 U.S.C. § 1427

    Pub. L. 95–113 temporarily reenacted without change the amendments made in 1970 by section 409 of Pub. L. 91–524 which had established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges, and which had changed the price at which purchases had to be made to offset sales in the interest of the efficient conduct of the Corporation’s operations to an amount not exceeding the minimum sales price for the commodity for unrestricted use, and reenacted the amendment made in 1970 by section 603 of Pub. L. 91–524 with regard to the sale of upland cotton by the Corporation with the single change of substituting “at less than 115 per centum of the loan rate for Strict Low Middling one and one-sixteenth inch upland cotton” for “at less than 110 per centum of the loan rate for Middling one-inch upland cotton” in provisions setting the minimum price at which the Corporation shall sell upland cotton for unrestricted use. See Effective and Termination Dates of 1977 Amendment note below

    Source evidence

    Code amendment note
    Pub. L. 95–113 temporarily reenacted without change the amendments made in 1970 by section 409 of Pub. L. 91–524 which had established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges, and which had changed the price at which purchases had to be made to offset sales in the interest of the efficient conduct of the Corporation’s operations to an amount not exceeding the minimum sales price for the commodity for unrestricted use, and reenacted the amendment made in 1970 by section 603 of Pub. L. 91–524 with regard to the sale of upland cotton by the Corporation with the single change of substituting “at less than 115 per centum of the loan rate for Strict Low Middling one and one-sixteenth inch upland cotton” for “at less than 110 per centum of the loan rate for Middling one-inch upland cotton” in provisions setting the minimum price at which the Corporation shall sell upland cotton for unrestricted use. See Effective and Termination Dates of 1977 Amendment note below.

    Enacted provision · exact public law section
    Sec. 408. commodity credit corporation sales price restrictions for wheat and feed grains Effective only with respect to the marketing years for the 1978 through 1981 crops, section 407 of the Agricultural Act of 1949, as amended, is amended by— 7 USC 1427. (1) striking out in the third sentence the language following the third colon and inserting in lieu thereof the following: “Provided, That the Corporation shall not sell any of its stocks of wheat, com, grain sorghum, barley, oats, and rye respectively at less than 115 per centum of the current national average loan rate for the commodity, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate, plus reasonable carrying charges.”; (2) striking out in the fifth sentence “current basic county sup-port rate including the value of any applicable price-support payment in kind (or a comparable price if there is no current basic county support rate)” and inserting in lieu thereof the following: “current basic county loan rate (or a comparable price if there is no current basic county loan rate)”; and (3) striking out in the seventh sentence “, but in no event shall the purchase price exceed the then current support price for such commodities” and inserting in lieu thereof the following: “or unduly affecting market prices, but in no event shall the purchase price exceed the Corporation’s minimum sales price for such commodities for unrestricted use”.

14. 1981

    Agriculture and Food Act of 1981

    Pub. L. 97–98 title V § 503 · 95 Stat. 1213

    1. Substituted · 7 U.S.C. § 1427

       Pub. L. 97–98 temporarily reenacted without change the amendments made in 1977 by section 408 of Pub. L. 95–113, which had established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges, and which had changed the price at which purchases had to be made to offset sales in the interest of the efficient conduct of the Corporation’s operations to an amount not exceeding the minimum sales price for the commodity for unrestricted use, and the amendment made in 1977 by section 603 of Pub. L. 95–113, which provided that the Commodity Credit Corporation sell upland cotton for unrestricted use at the same prices as it sells cotton for export, but in no event at less than 115 per centum of the loan rate for Strict Middling one and one-sixteenth inch upland cotton, micronaire 3.5 through 4.9, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonable carrying charges, and substituted “may make available” for “shall make available” . See Effective and Termination Dates of 1981 Amendment note below

    2. Substituted · 7 U.S.C. § 1427

       Pub. L. 97–98 temporarily reenacted without change the amendments made in 1977 by section 408 of Pub. L. 95–113, which had established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges, and which had changed the price at which purchases had to be made to offset sales in the interest of the efficient conduct of the Corporation’s operations to an amount not exceeding the minimum sales price for the commodity for unrestricted use, and the amendment made in 1977 by section 603 of Pub. L. 95–113, which provided that the Commodity Credit Corporation sell upland cotton for unrestricted use at the same prices as it sells cotton for export, but in no event at less than 115 per centum of the loan rate for Strict Middling one and one-sixteenth inch upland cotton, micronaire 3.5 through 4.9, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonable carrying charges, and substituted “may make feed” for “shall make feed” . See Effective and Termination Dates of 1981 Amendment note below

    Source evidence

    Code amendment note
    Pub. L. 97–98 temporarily reenacted without change the amendments made in 1977 by section 408 of Pub. L. 95–113, which had established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges, and which had changed the price at which purchases had to be made to offset sales in the interest of the efficient conduct of the Corporation’s operations to an amount not exceeding the minimum sales price for the commodity for unrestricted use, and the amendment made in 1977 by section 603 of Pub. L. 95–113, which provided that the Commodity Credit Corporation sell upland cotton for unrestricted use at the same prices as it sells cotton for export, but in no event at less than 115 per centum of the loan rate for Strict Middling one and one-sixteenth inch upland cotton, micronaire 3.5 through 4.9, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonable carrying charges, and substituted “may make available” for “shall make available” and “may make feed” for “shall make feed”. See Effective and Termination Dates of 1981 Amendment note below.

    Enacted provision · exact public law section
    Sec. 503. commodity credit corporation sales price restrictions Effective only with respect to the period beginning August 1, 1978, and ending July 31, 1986, the tenth sentence of section 407 of 7 USC 1427. the Agricultural Act of 1949 is amended by striking out all of that sentence through the words “110 per centum of the loan rate, and (2)” and inserting in lieu thereof the following: “Notwithstanding any other provision of law, (1) the Commodity Credit Corporation shall sell upland cotton for unrestricted use at the same prices as it sells cotton for export, in no event, however, at less than 115 per centum of the loan rate for Strict Low Middling one and one-sixteenth inch upland cotton (micronaire 3.5 through 4.9) adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonable carrying charges, and (2)”.

15. 1983

    Extra Long Staple Cotton Act of 1983

    Pub. L. 98–88 § 5 · 97 Stat. 494

    Inserted · 7 U.S.C. § 1427

    Pub. L. 98–88 inserted provision that, beginning Aug. 26, 1983, the Commodity Credit Corporation may sell extra long staple cotton for unrestricted use at such price levels as the Secretary determines appropriate to maintain and expand export and domestic markets for such cotton

    Source evidence

    Code amendment note
    Pub. L. 98–88 inserted provision that, beginning Aug. 26, 1983, the Commodity Credit Corporation may sell extra long staple cotton for unrestricted use at such price levels as the Secretary determines appropriate to maintain and expand export and domestic markets for such cotton.

    Enacted provision · exact public law section
    Sec. 5. Section 407 of the Agricultural Act of 1949, as amended, is 7 USC 1427. amended by adding at the end thereof the following: “Notwithstanding any other provision of law, beginning upon the enactment of the Extra Long Staple Cotton Act of 1983, the Commodity Credit Corporation Ante, p. 494 may sell extra long staple cotton for unrestricted use at such price levels as the Secretary determines appropriate to maintain and expand export and domestic markets for such cotton.”.

16. 1985

    Food Security Act of 1985

    Pub. L. 99–198 § 1007 · 99 Stat. 1354

    1. Amended · 7 U.S.C. § 1427

       Pub. L. 99–198, § 1007, temporarily reenacted substantially without change the amendments made in 1981 by section 1103 of Pub. L. 97–98, which had established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges; designated such provisions as thus reenacted as cl. (A) of the proviso involved

    2. Added · 7 U.S.C. § 1427

       Pub. L. 99–198, § 1007, temporarily reenacted substantially without change the amendments made in 1981 by section 1103 of Pub. L. 97–98, which had established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges; added cl. (B) relating to the Secretary’s permitting the repayment of loans at a loan rate less than the loan level determined for such crop; and reenacted, also without change, the amendments by Pub. L. 97–98 which had the price at which purchases had to be made to offset sales in the interest of the efficient conduct of the Corporation’s operations to an amount not exceeding the minimum sales price for the commodity for unrestricted use. See Effective and Termination Dates of 1985 Amendment note below

    Source evidence

    Code amendment note
    Pub. L. 99–198, § 1007, temporarily reenacted substantially without change the amendments made in 1981 by section 1103 of Pub. L. 97–98, which had established a floor for sales of wheat and feed grains in inventory for unrestricted use at 115 per centum of the current national average loan rate for the commodity adjusted for current market differentials reflecting grade, quality, location, and other value factors, plus reasonable carrying charges; designated such provisions as thus reenacted as cl. (A) of the proviso involved and added cl. (B) relating to the Secretary’s permitting the repayment of loans at a loan rate less than the loan level determined for such crop; and reenacted, also without change, the amendments by Pub. L. 97–98 which had the price at which purchases had to be made to offset sales in the interest of the efficient conduct of the Corporation’s operations to an amount not exceeding the minimum sales price for the commodity for unrestricted use. See Effective and Termination Dates of 1985 Amendment note below.

    Enacted provision · exact public law section
    Sec. 1007. commodity credit corporation sales price restrictions Effective only for the marketing years for the 1986 through 1990 crops, section 407 of the Agricultural Act of 1949 (7 U.S.C. 1427) is amended by— (1) in the third sentence, striking out the langauge following the third colon and inserting in lieu thereof the following: “ Provided, That, notwithstanding any other provision of law, the Corporation may not sell any of its stocks of wheat, corn, grain sorghum, barley, oats, and rye, respectively, at less than (A) 115 percent of the current national average loan rate for the commodity, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonble carrying charges, or (B) if the Secretary permits the repayment of loans made for a crop of the commodity at a rate that is less than the loan level determined for such crop, 115 percent of the averge loan repayment rate that is determined for such crop during the period of such loans. ”; (2) in the fifth sentence, striking out “current basic county support rate including the value of any applicable price-support payment in kind (or a comparable price if there is no current basic county support rate)” and inserting in lieu thereof the following: ^current basic county loan rate (or a comparable price if there is no current basic county loan rate)”; and (3) in the seventh sentence, striking out “, but in no event shall the purchase price exceed the then current support price for such commodities” and inserting in lieu thereof: “or unduly affecting market prices, but in no event shall the purchase price exceed the Corporation’s minimum sales price for such commodities for unrestricted use”.

17. 1985

    Food Security Act of 1985

    Pub. L. 99–198 § 1763(b) · 99 Stat. 1354

    Inserted · 7 U.S.C. § 1427

    Pub. L. 99–198, § 1763(b), inserted provision giving the Commodity Credit Corporation authority to (1) make available feed for livestock to certain persons during emergencies in areas in which feed grains are normally produced and normally available for feed purposes, but in which they are unavailable because of a catastrophe described in the fourth sentence of this section, (2) make such feed available to such persons through feed dealers in the areas, (3) make such feed available at a price not less than the price prescribed in the fourth sentence of this section, and (4) bear any expenses incurred in connection with making such feed available to such persons under this sentence, including transportation and handling costs

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 99–198, § 1763(b), inserted provision giving the Commodity Credit Corporation authority to (1) make available feed for livestock to certain persons during emergencies in areas in which feed grains are normally produced and normally available for feed purposes, but in which they are unavailable because of a catastrophe described in the fourth sentence of this section, (2) make such feed available to such persons through feed dealers in the areas, (3) make such feed available at a price not less than the price prescribed in the fourth sentence of this section, and (4) bear any expenses incurred in connection with making such feed available to such persons under this sentence, including transportation and handling costs.

    Enacted provision · exact public law section
    (b) Section 407 of the Agricultural Act of 1949 (7 U.S.C. 1427) is Transportation. Ante, pp. 1418, 1452. amended by inserting after the fifth sentence the following new sentence: “Notwithstanding the foregoing provisions of this section relating to the authority of the Commodity Credit Corporation to make available to certain persons in certain areas during emergencies feed for livestock, the Commodity Credit Corporation (1) may make such feed available to such persons in areas in which feed grains are normally produced and normally available for feed purposes, but in which they are unavailable because of a catastrophe described in the fourth sentence of this section, (2) may make such feed available to such persons through feed dealers in the areas, (3) shall make such feed available at a price not less than the price prescribed in the fourth sentence of this section, and (4) shall bear any expenses incurred in connection with making such feed available to such persons under this sentence, including transportation and handling costs.”.

18. 1985

    Food Security Act of 1985

    Pub. L. 99–198 § 503 · 99 Stat. 1354

    1. Substituted · 7 U.S.C. § 1427

       Pub. L. 99–198, § 503, temporarily reenacted substantially without change the amendments made in 1981 by section 503 of Pub. L. 97–98, which provided that the Commodity Credit Corporation sell upland cotton for unrestricted use at the same prices as it sells cotton for export, but in no event at less than 115 per centum of the loan rate for Strict Low Middling one and one-sixteenth inch upland cotton, micronaire 3.5 through 4.9, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonable carrying charges, and substituted “as it sells upland cotton” for “as it sells cotton” ; designated such provisions as thus reenacted as cl. (A)

    2. Substituted · 7 U.S.C. § 1427

       Pub. L. 99–198, § 503, temporarily reenacted substantially without change the amendments made in 1981 by section 503 of Pub. L. 97–98, which provided that the Commodity Credit Corporation sell upland cotton for unrestricted use at the same prices as it sells cotton for export, but in no event at less than 115 per centum of the loan rate for Strict Low Middling one and one-sixteenth inch upland cotton, micronaire 3.5 through 4.9, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonable carrying charges, and substituted “percent” for “per centum” ; designated such provisions as thus reenacted as cl. (A)

    3. Added · 7 U.S.C. § 1427

       Pub. L. 99–198, § 503, temporarily reenacted substantially without change the amendments made in 1981 by section 503 of Pub. L. 97–98, which provided that the Commodity Credit Corporation sell upland cotton for unrestricted use at the same prices as it sells cotton for export, but in no event at less than 115 per centum of the loan rate for Strict Low Middling one and one-sixteenth inch upland cotton, micronaire 3.5 through 4.9, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonable carrying charges, and added cl. (B) relating to the Secretary’s permitting the repayment of loans at a loan rate less than the loan level determined for such crop. See Effective and Termination Dates of 1985 Amendment note below

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 99–198, § 503, temporarily reenacted substantially without change the amendments made in 1981 by section 503 of Pub. L. 97–98, which provided that the Commodity Credit Corporation sell upland cotton for unrestricted use at the same prices as it sells cotton for export, but in no event at less than 115 per centum of the loan rate for Strict Low Middling one and one-sixteenth inch upland cotton, micronaire 3.5 through 4.9, adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonable carrying charges, and substituted “as it sells upland cotton” for “as it sells cotton” and “percent” for “per centum”; designated such provisions as thus reenacted as cl. (A), and added cl. (B) relating to the Secretary’s permitting the repayment of loans at a loan rate less than the loan level determined for such crop. See Effective and Termination Dates of 1985 Amendment note below.

    Enacted provision · exact public law section
    Sec. 503. commodity credit corporation sales price restrictions Effective only with respect to the period beginning August 1, 1978, and ending July 31, 1991, the tenth sentence of section 407 of the Agricultural Act of 1949 (7 U.S.C. 1427) is amended by striking out all of that sentence through the words “110 per centum of the loan rate, and (2)” and inserting in lieu thereof the following: “Notwithstanding any other provision of law, (1) the Commodity Credit Corporation shall sell upland cotton for unrestricted use at the same prices as it sells upland cotton for export, in no event, however, at less than (A) 115 percent of the loan rate for Strict Low Middling one and one-sixteenth inch upland cotton (micronaire 3.5 through 4.9) adjusted for such current market differentials reflecting grade, quality, location, and other value factors as the Secretary determines appropriate plus reasonable carrying charges, or (B) if the Secretary permits the repayment of loans made for a crop of cotton at a rate that is less than the loan level determined for such crop, 115 percent of the average loan repayment rate that is determined for such crop during the period of such loans, and (2)”.

19. 1988

    Disaster Assistance Act of 1988

    Pub. L. 100–387 title I § 101(b)(2) · 102 Stat. 924

    Substituted · 7 U.S.C. § 1427

    Pub. L. 100–387 substituted provision authorizing the Commodity Credit Corporation to donate or sell commodities in accordance with subchapter V of this chapter for provision authorizing the Commodity Credit Corporation to make feed for livestock available to certain persons in certain areas during emergencies

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 100–387 substituted provision authorizing the Commodity Credit Corporation to donate or sell commodities in accordance with subchapter V of this chapter for provision authorizing the Commodity Credit Corporation to make feed for livestock available to certain persons in certain areas during emergencies.

    Enacted provision · exact public law section
    (2) Section 407 of the Agricultural Act of 1949 (7 U.S.C. 1427) is amended by striking out “and may make feed owned or controlled by it” in the fifth sentence and all that follows through the end of the sixth sentence and inserting in lieu thereof “and may donate or sell commodities in accordance with title VI.”.

20. 1988

    The Disaster Relief and Emergency Assistance Amendments of 1988

    Pub. L. 100–707 title I § 109(a)(2) · 102 Stat. 4689

    Substituted · 7 U.S.C. § 1427

    Pub. L. 100–707, substituted “the Disaster Relief and Emergency Assistance Act” for “Public Law 875, Eighty-first Congress, as amended (42 U.S.C. 1855)”

    Source evidence

    Code amendment note
    Pub. L. 100–707, substituted “the Disaster Relief and Emergency Assistance Act” for “Public Law 875, Eighty-first Congress, as amended (42 U.S.C. 1855)”.

    Enacted provision · exact public law section
    (2) Section 407 of such Act (7 U.S.C. 1427) is amended by striking out “Public Law 875, Eighty-first Congress, as amended (42 U.S.C. 1855)” and inserting in lieu thereof “the Disaster Relief and Emergency Assistance Act”.

21. 1990

    Food, Agriculture, Conservation, and Trade Act of 1990

    Pub. L. 101–624 title XI § 1130 · 104 Stat. 3359

    1. Amended · 7 U.S.C. § 1427

       Pub. L. 101–624 amended section generally

    2. Amended · 7 U.S.C. § 1427

       Pub. L. 101–624 designating part of existing text as subsecs. (a) to (g), and as so designated, in subsec. (c)

    3. Substituted · 7 U.S.C. § 1427

       Pub. L. 101–624 substituting provisions restricting sales of nonbasic or agricultural commodities at less than 115 percent of the levels of the current national price support level or the loan repayment level for provisions restricting such sales at less than 5 percent above the current support price

    4. Substituted · 7 U.S.C. § 1427

       Pub. L. 101–624 substituting provisions authorizing the sale of extra long staple cotton at any price determined appropriate for provisions that it sell at not less than 15 percent above the current support price

    5. Added · 7 U.S.C. § 1427

       Pub. L. 101–624 adding provisions relating to oilseeds, and wheat and feed grains, deleting provisions relating to sales of extra long staple cotton for unrestricted use and the authority of Secretary in carrying out this section

    Source evidence

    Code amendment note
    Pub. L. 101–624 amended section generally, designating part of existing text as subsecs. (a) to (g), and as so designated, in subsec. (c), substituting provisions restricting sales of nonbasic or agricultural commodities at less than 115 percent of the levels of the current national price support level or the loan repayment level for provisions restricting such sales at less than 5 percent above the current support price, substituting provisions authorizing the sale of extra long staple cotton at any price determined appropriate for provisions that it sell at not less than 15 percent above the current support price, adding provisions relating to oilseeds, and wheat and feed grains, deleting provisions relating to sales of extra long staple cotton for unrestricted use and the authority of Secretary in carrying out this section.

    Enacted provision · exact public law section
    SEC. 1130. COMMODITY CREDIT CORPORATION SALES PRICE RESTRICTIONS. Section 407 of the Agricultural Act of 1949 (7 U.S.C. 1427) is amended to read as follows: “SEC. 407. COMMODITY CREDIT CORPORATION SALES PRICE RESTRICTIONS. “(a) In General.— The Commodity Credit Corporation may sell any farm commodity owned or controlled by the Corporation at any price not prohibited by this section. “(b) Inventories.— In determining sales policies for basic agricultural commodities or storable nonbasic commodities, the Corporation should consider the establishment of such policies with respect to prices, terms, and conditions as the Corporation determines will not discourage or deter manufacturers, processors, and dealers from acquiring and carrying normal inventories of the commodity of the current crop. “(c) Sales Price Restrictions.— “(1) In general.— Except as otherwise provided in this section, the Corporation shall not sell any basic agricultural commodity or storable nonbasic commodity at less than 115 percent of the lower of— “(A) the current national average price support loan rate for the commodity adjusted for the current market differentials reflecting grade, quality, location, reasonable carrying charges, and other factors determined appropriate by the Corporation; or “(B) the loan repayment level. “(2) Extra long staple cotton.— The Corporation may sell extra long staple cotton for unrestricted use at such price as the Corporation determines is appropriate to maintain and expand export and domestic markets. “(3) Oilseeds.— The Corporation shall not sell oilseeds at less than the lower of— “(A) 105 percent of the current national average price support loan rate for the oilseed, adjusted for the current market differentials reflecting grade, quality, location, reasonable carrying charges, and other factors determined appropriate by the Corporation; or “(B) 115 percent of the loan repayment level. “(4) Wheat and feed grains.— Whenever the producer reserve program for wheat and feed grains established under section 110 is in effect, the Corporation may not sell any of its stocks of wheat or feed grains at a level that is less than 150 percent of the then current loan rate for wheat or feed grains. “(5) Upland cotton.— The Commodity Credit Corporation shall sell upland cotton for unrestricted use at the same price the Corporation sells upland cotton for export, but in no event at less than the amount provided for in paragraph (1). “(d) Nonapplication of Sales Price Restrictions.— The foregoing restrictions of this section shall not apply to— “(1) sales for new or byproduct uses; “(2) sales of peanuts and oilseeds for the extraction of oil; “(3) sales for seed or feed if the sales will not substantially impair any price support program; “(4) sales of commodities that have substantially deteriorated in quality or as to which there is a danger of loss or waste through deterioration or spoilage; “(5) sales for the purpose of establishing claims arising out of contract or against persons who have committed fraud, misrepresentation, or other wrongful acts with respect to the commodity; “(6) sales for export (excluding sales of upland cotton for export); “(7) sales of wool; and “(8) sales for other than primary uses. “(e) Distress, Disaster, and Livestock Emergency Areas.— “(1) In general.— Notwithstanding the foregoing provisions of this section, the Corporation, on such terms and conditions as the Secretary may consider in the public interest, may— “(A) make available any farm commodity or product thereof owned or controlled by the Corporation for use in relieving distress— “(i) in any area in the United States (including the Virgin Islands) declared by the President to be an acute distress area because of unemployment or other economic cause, if the President finds that the use will not displace or interfere with normal marketing of agricultural commodities; and “(ii) in connection with any major disaster determined by the President to warrant assistance by the Federal Government under the Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.); and “(B) donate or sell commodities in accordance with title VI. “(2) Costs.— Except on a reimbursable basis, the Corporation shall not bear any costs in connection with making the commod-ity available under this subsection beyond the cost of the commodities to the Corporation in— “(A) the storage of the commodity; and “(B) the handling and transportation costs in making delivery of the commodity to designated agencies at one or more central locations in each State or other area. “(f) Efficient Operations.— “(1) In general.— Subject to paragraph (2), the foregoing restrictions of this section shall not apply to sales of commodities the disposition of which is desirable in the interest of the effective and efficient conduct of the operations of the Corporation because of the small quantities involved, or because of age, location or questionable continued storability of the commodity. “(2) Offsets.— The sales shall be offset (if necessary) by the purchases of commodities as the Corporation determines is appropriate to prevent the sales from substantially impairing any price support program or unduly affecting market prices, except that the purchase price shall not exceed the Corporation’s minimum sales price for the commodities for unrestricted use. “(3) Competitive bid basis.— Subject to the sales price restrictions contained in this section, the Corporation may sell any basic agricultural commodity or storable nonbasic commodity on a competitive bid basis, if the sale is determined to be appropriate by the Secretary. “(g) Sales for Export.— For the purposes of this section, sales for export shall include— “(1) sales made on condition that the identical commodities sold be exported; and “(2) sales made on condition that commodities of the same kind and of comparable value or quantity be exported, either in raw or processed form.”.

    Effective date note
    Amendment by Pub. L. 101–624 effective beginning with 1991 crop of an agricultural commodity, with provision for prior crops, see section 1171 of Pub. L. 101–624, set out as a note under section 1421 of this title.

26 of 29 references resolved to an enrolled provision · 3 partial