TARGET PRICE REDUCTIONS.

SEC. 1101. TARGET PRICE REDUCTIONS. (a) Wheat.— Effective only for the 1988 and 1989 crops of wheat, section 107D(c)(1)(G) of the Agricultural Act of 1949 (7 U.S.C. 1445b–3(c)(1)(G)) is amended by striking out “$4.29 per bushel for the 1988 crop, $4.16 per bushel for the 1989 crop” and inserting in lieu thereof “$4.23 per bushel for the 1988 crop, $4.10 per bushel for the 1989 crop”. (b) Feed Grains.— Effective only for the 1988 and 1989 crops of feed grains, section 105C(c)(1)(E) of such Act (7 U.S.C. 1444e(c)(1)(E)) is amended by striking out “$2.97 per bushel for the 1988 crop, $2.88 per bushel for the 1989 crop” and inserting in lieu thereof “$2.93 per bushel for the 1988 crop, $2.84 per bushel for the 1989 crop”. (c) Cotton.— Effective only for the 1988 and 1989 crops of upland cotton, section 103A(c)(l)(D) of such Act (7 U.S.C. 1444–1(c)(1)(D)) is amended by striking out “$0.77 per pound for the 1988 crop, $0,745101 STAT. 1330–2 per pound for the 1989 crop” and inserting in lieu thereof “$0,759 per pound for the 1988 crop, $0,734 per pound for the 1989 crop”. (d) Extra Long Staple Cotton.— Effective only for the 1988 and 1989 crops of extra long staple cotton, section 103(h)(8)(B) of such Act (7 U.S.C. 1444(h)(3)(B)) is amended— (1) by striking out “The” and inserting in lieu thereof “Except as provided in clause (ii), the”; and (2) by adding at the end thereof the following new clause: “(ii) In the case of each of the 1988 and 1989 crops of extra long staple cotton, the established price for each such crop shall be 118.3 percent of the loan level determined for such crop under paragraph (2).”. (e) Rice.— Effective only for the 1988 and 1989 crops of rice, section 101 A(c)(l)(D) of such Act (7 U.S.C. 1441–l(c)(l)(D)) is amended by striking out “$11.30 per hundredweight for the 1988 crop, $10.95 per hundredweight for the 1989 crop” and inserting in lieu thereof “$11.15 per hundredweight for the 1988 crop, $10.80 per hundredweight for the 1989 crop”.