A bill to amend the Food, Conservation, and Energy Act of 2008 to establish a market-driven inventory system.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Apr 17, 2013)
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.
What just happenedApr 17, 2013
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Who’s behind it
- Introduced in SenateApr 17, 2013
- Apr 17, 2013IntroReferral
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
- Apr 17, 2013IntroReferral10000
Introduced in Senate