[Federal Register Volume 73, Number 144 (Friday, July 25, 2008)]
[Notices]
[Page 43400]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-17001]


-----------------------------------------------------------------------

DEPARTMENT OF AGRICULTURE

Commodity Credit Corporation


2008-Crop Marketing Assistance Loans and Loan Deficiency Payments 
for Cotton and Peanuts

AGENCY: Commodity Credit Corporation, USDA.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: As announced by this notice, the Commodity Credit Corporation 
(CCC) is implementing provisions of the Food, Conservation, and Energy 
Act of 2008 (2008 Farm Bill) regarding Marketing Assistance Loans (MAL) 
and Loan Deficiency Payments (LDP) for 2008 crop cotton and peanuts. 
The 2008 Farm Bill authorizes the continuation of the MAL and LDP 
programs for the 2008 through 2012 crops. This notice specifies how CCC 
will administer 2008 crop MAL and LDP provisions.

DATES: Effective Date: July 25, 2008

FOR FURTHER INFORMATION CONTACT: Candace Thompson, Director, Price 
Support Division, Farm Service Agency, USDA, STOP 0512, 1400 
Independence Avenue, SW., Washington, DC 20250-0512; telephone: (202) 
720-7901 or fax: (202) 690-3307; e-mail: [email protected]. 
Persons with disabilities who require alternative means for 
communication (Braille, large print, audiotape, etc.) should contact 
the USDA Target Center at (202) 720-2600 (voice and TDD).

SUPPLEMENTARY INFORMATION: CCC administers a loan program, including 
MAL and LDP, that provides short-term financing to allow farmers to pay 
their bills soon after harvest and to facilitate orderly marketing 
throughout the rest of the year. The loan program also provides 
significant income support when market prices are below statutory loan 
rates. Currently, regulations in 7 CFR parts 1421, 1425, and 1427 cover 
MAL and LDP provisions for the 2002 through 2007 crop years.
    The 2008 Farm Bill (Pub. L. 110-246) authorizes the continuation of 
MAL and LDP for cotton and peanuts for the 2008 through 2012 crops.
    With the pending harvest of 2008-crop cotton and peanuts, this 
notice announces that CCC will, with the exceptions noted below, 
immediately implement MAL and LDP provisions for 2008-crop cotton and 
peanuts based on the regulations that applied to the 2007 crop and 
appeared in:
     7 CFR part 1421, Grains and Similarly Handled 
Commodities--Marketing Assistance Loans and Loan Deficiency Payments 
for the 2002 through 2007 Crop Years;
     7 CFR part 1425, Cooperative Marketing Associations; and
     7 CFR part 1427, Cotton.
    To address the 2008 exceptions and for the 2009 through 2012 crops, 
CCC will amend the applicable regulations to reflect changes required 
by the 2008 Farm Bill including the fine count adjustment, storage 
credit rates, and transportation costs. The 2008 exceptions are as 
follows. For cotton, the calculation of the prevailing world market 
price, for repayment purposes, will continue to be calculated as 
specified in the current regulations. Also, for cotton, storage 
payments will be allowed to the extent permitted in the current 
regulations. For peanuts, handling and storage costs will be allowed to 
the extent permitted in the current regulations. These three 2008 
exceptions will be changed later to implement the requirements of the 
2008 Farm Bill through rulemaking instead of being made effective now 
because the software development required to implement the changes is 
not immediately available.
    Additionally, CCC revised regulations, effective on May 23, 2008 
(73 FR 30274-30277, final rule published May 27, 2008) providing that 
Far East prices will be used instead of Northern Europe prices in 
determining the upland cotton adjusted world price (AWP). The revised 
AWP calculation applies to the 2007 through the 2012 crops of upland 
cotton.

Environmental Review

    FSA has determined that these changes would not constitute a major 
Federal action that would significantly affect the quality of the human 
environment. Therefore, in accordance with the provisions of the 
National Environmental Policy Act (NEPA), 42 U.S.C. 4321-4347, the 
regulations of the Council on Environmental Quality (40 CFR parts 1500-
1508), and FSA regulations for compliance with NEPA (7 CFR part 799), 
no environmental assessment or environmental impact statement will be 
prepared.

    Signed at Washington, DC on July 21, 2008.
Teresa C. Lasseter,
Executive Vice President, Commodity Credit Corporation.
[FR Doc. E8-17001 Filed 7-24-08; 8:45 am]
BILLING CODE 3410-05-P