A bill to assist in the marketing and handling of the 1975, 1976, and 1977 crops of feed grains, wheat, cotton, and soybeans.

Summary

Establishes, under the Agriculture Act of 1949, a loan level for the 1975, 1976, and 1977 crops of corn, cotton, and soybeans at 90 percent of the average price received by farmers during the marketing years for the preceding three crops of such commodities; and in the case of wheat 90 percent of the average price during such marketing years for the 1975, 1976, and 1977 crops of such commodity. Prohibits the Commodity Credit Corporation from selling these commodities from such crop years at a price less than 150 percent of the current national loan rate for the commodity involved with specified adjustments. Limits the sale of such commodities owned or controlled by the Corporation during any marketing year to the net quantities by which estimated domestic consumption and exports exceed estimated production and imports. Authorizes the Corporation to dispose of such commodities to relieve distress caused by natural disasters. Authorizes the Secretary of Agriculture to buy and sell equivalent quantities of such commodities owned or controlled by the Corporation in different locations and warehouses for handling, rotational, and distribution purposes. Requires obligators, under warehouse receipts held by the Corporation representing ownership of any commodity, to have the grade stated on such receipts or a better grade available for delivery.

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Documents

1 official file

• Introduced in House

  summary · EN · 23 March 1976

  Open at official source

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