[Federal Register Volume 71, Number 117 (Monday, June 19, 2006)]
[Rules and Regulations]
[Page 35147]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-9546]



[[Page 35147]]

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DEPARTMENT OF AGRICULTURE

Commodity Credit Corporation

7 CFR Part 1421

RIN 0560-AH38


Grains and Similarly Handled Commodities-Marketing Assistance 
Loans and Loan Deficiency Payments for the 2006 Through 2007 Crop 
Years; Cotton

AGENCY: Commodity Credit Corporation, USDA.

ACTION: Final rule; correction.

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SUMMARY: This document corrects the final rule published on June 6, 
2006, amending the regulations for the Marketing Assistance Loan (MAL) 
and Loan Deficiency Payment (LDP) Program of the Commodity Credit 
Corporation (CCC). A correction is needed because an amendatory 
instruction inadvertently amended the wrong paragraphs.

DATES: Effective Date: June 6, 2006.

FOR FURTHER INFORMATION CONTACT: Phillip Elder, Regulatory Review 
Group, Economic and Policy Analysis Staff, Farm Service Agency (FSA), 
United States Department of Agriculture (USDA), Stop 0572, 1400 
Independence Ave., SW., Washington, DC 20250-0572. Telephone: (202) 
690-8104; e-mail: [email protected]. Persons with disabilities 
who require alternative means for communication (Braille, large print, 
audio tape, etc.) should contact the USDA Target Center at (202) 720-
2600 (voice and TDD).

SUPPLEMENTARY INFORMATION:

Background

    This rule corrects the final rule published in the Federal Register 
on June 6, 2006 (71 FR 32415) that amended the regulations governing 
the Marketing Assistance Loan (MAL) and Loan Deficiency Payment (LDP) 
Program of the Commodity Credit Corporation (CCC). In the final rule, 
the instruction revising section 1421.10 inadvertently edited 
paragraphs (b)(2) and (c)(2). However, the agency intended those 
changes to be made in paragraphs (a)(2) and (b)(2). This document 
corrects the regulatory text that was amended erroneously and makes the 
correct revision.

List of Subjects in Part 1421

    Agricultural commodities, Feed grains, Grains, Loan programs-
agriculture, Oilseeds, Price support programs, Reporting and record 
keeping requirements.


0
For reasons stated in the preamble, 7 CFR Part 1421 is amended as 
follows:

PART 1421--GRAINS AND SIMILARLY HANDLED COMMODITIES--MARKETING 
ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS FOR THE 2002 THROUGH 
2007 CROP YEARS

0
1. The authority citation for part 1421 continues to read as follows:

    Authority: 7 U.S.C. 7231-7237 and 7931 et seq.; 15 U.S.C. 714b 
and 714c.

Subpart A--General

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2. Amend Sec.  1421.10 by revising paragraphs (a)(2) introductory text, 
(b)(2) and (c)(2) to read as follows:


Sec.  1421.10  Market rates.

    (a) * * *
    (2) To the extent practicable, CCC shall determine and announce the 
alternative repayment rate, based upon the market prices at appropriate 
U.S. markets as determined by CCC, to: Minimize loan forfeitures of 
such commodities; minimize the Federal Government-owned inventory of 
such commodities; minimize the storage costs incurred by the Federal 
Government; allow such commodities produced in the United States to be 
marketed freely and competitively domestically and internationally; and 
minimize discrepancies in marketing loan benefits across State 
boundaries and across county boundaries. The alternative repayment rate 
may be adjusted to reflect quality and location for each crop of a 
commodity as follows:
* * * * *
    (b) * * *
    (2) To the extent practicable, CCC shall determine and announce 
periodically an alternative repayment rate for peanuts, wool, and 
mohair to: minimize loan forfeitures of such commodities; minimize the 
Federal Government-owned inventory of such commodities; minimize the 
storage costs incurred by the Federal Government; allow such 
commodities produced in the United States to be marketed freely and 
competitively domestically and internationally; and minimize 
discrepancies in marketing loan benefits across State boundaries and 
across county boundaries.
    (c) * * *
    (2) Export transactions involving rice and all other related market 
information will be monitored on a continuous basis. Relevant 
information may be obtained for this purpose from USDA field reports, 
international organizations, public or private research entities, 
international rice brokers, and other sources of reliable information.
* * * * *

    Signed in Washington, DC, on June 13, 2006.
Thomas B. Hofeller,
Acting Executive Vice President, Commodity Credit Corporation.
 [FR Doc. E6-9546 Filed 6-16-06; 8:45 am]
BILLING CODE 3410-05-P