A bill to provide for adequate reserves of certain agricultural commodities, and for other purposes.

Summary

Provides that loan levels shall not be allowed to drop below designated minimums for cotton, soybeans, wheat and feed grain under the Agricultural Act of 1949. Provides for adjustments in established price levels for fiscal years 1975, 1976, and 1977 to reflect changes in prices for such crops for production items, interest, taxes, and wage rates in the preceding year. Establishes minimum sales prices through 1977 crops with respect to wheat, feed grain, cotton, and soybean stocks held by the Commodity Credit Corporation in the event that such stocks should fall below specified minimums. Provides that price support loans may not be recalled within three years of the date on which they were made unless the Secretary determines that the projected carryover of the commodity concerned will fall below the amount specified for such commodity in this Act. Establishes the minimum loan rate at 90 percent of the established price where the Secretary determines that, with respect to the 1974 through 1977 crops, the stocks of wheat, feed grain, cotton, and soybeans available will fall below the minimum established by this Act. Provides, upon such determination, that the Secretary may designate such a commodity as "critical" and require an export license for those wishing to export such commodity. Defines feed grains as corn, grain sorghum, barley, and oats. States that quantities of a commodity in the disaster reserve shall be included in the computation of the carryover.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 21 May 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.