- Not enactedThe President has not signed this bill
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Senate Committee on Agriculture, Nutrition, and ForestryIntroducedApril 17th, 2013
- senate Committees
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A bill to amend the Food, Conservation, and Energy Act of 2008 to establish a market-driven inventory system.
Amends the Food, Conservation, and Energy Act of 2008 to direct the Secretary of Agriculture (USDA), for each of the 2014-2018 crops of each market commodity, to make recourse loans available to producers on a farm electing to participate in the program. Sets forth: (1) the recourse loan rate for corn, oats, barley, grain sorghum, wheat, and soybeans; and (2) market commodity-specific limitations on participation (inventory caps) for such crops. Requires participating producers, until the Secretary authorizes loan repayment and release, to: (1) store and maintain the market commodity, and (2) not sell or otherwise release the commodity into the market. Provides that during such storage period: (1) title to the commodity shall remain with the producers, and (2) the Secretary shall have a first lien on the commodity for which a recourse loan is received. Provides USDA payments to producers at $0.40 per bushel per crop year. Authorizes the Secretary to establish a partial commodity release if the market release of all of the stored commodity would depress prices below the release level. Authorizes the Secretary to establish a set-aside program under which qualifying producers on a farm may remove acres from production for the following crop year if the inventory cap for a commodity is reached and such commodity's market price is below the recourse loan rate. Requires participating producers to maintain a cover crop on all enrolled acreage.