LOAN RATES.

SEC. 1102. LOAN RATES. (a) Wheat.— Effective only for the 1988 through 1990 crops of wheat, section 107D(a)(3)(B) of the Agricultural Act of 1949 (7 U.S.C. 1445b–3(a)(3)(B)) is amended by striking out “not be reduced by more than 5 percent from the level determined for the preceding crop.” and inserting in lieu thereof the following: “not be reduced by more than— “(i) in the case of the 1987 crop, 5 percent from the level determined for the preceding crop; “(ii) in the case of the 1988 crop, 3 percent from the level determined for the preceding crop; “(iii) in the case of the 1989 crop, 5 percent from the level determined for the preceding crop, plus an additional 2 percent from the level determined for the preceding crop if the Secretary, after taking into account any reduction that is provided for under paragraph (4)(A)(ii), determines that such additional percentage reduction is necessary to maintain a competitive market position for wheat; and “(iv) in the case of the 1990 crop, 5 percent from the level determined for the preceding crop.”. (b) Feed Grains.— Effective only for the 1988 through 1990 crops of feed grains, section 105C(a)(2)(B) of such Act (7 U.S.C. 1444e(a)(2)(B)) is amended by striking out “not be reduced by more than 5 percent from the level determined for the preceding crop.” and inserting in lieu thereof the following: “not be reduced by more than— “(i) in the case of the 1987 crop, 5 percent from the level determined for the preceding crop; “(ii) in the case of the 1988 crop, 3 percent from the level determined for the preceding crop; “(iii) in the case of the 1989 crop, 5 percent from the level determined for the preceding crop, plus an additional 2 percent from the level determined for the preceding crop if the Secretary, after taking into account any reduction that is provided for under paragraph (3)(A)(ii), determines that such additional percentage reduction is necessary to mountain a competitive market position for feed grains; and 101 STAT. 1330–3 “(iv) in the case of the 1990 crop, 5 percent from the level determined for the preceding crop.”. (c) Cotton.— Effective only for the 1988 through 1990 crops of upland cotton, subparagraph (A) of section 103A(a)(2) of such Act (7 U.S.C. 1444–1(a)(2)(A)) is amended to read as follows: “(A) The loan level for any crop determined under paragraph (1)(B) may not be reduced below 50 cents per pound nor more than— “(i) in the case of the 1987 crop, 5 percent from the level determined for the preceding crop; “(ii) in the case of the 1988 crop, 3 percent from the level determined for the preceding crop; “(iii) in the case of the 1989 crop, 5 percent from the level determined for the preceding crop, plus an additional 2 percent from the level determined for the preceding crop if the Secretary determines that such additional percentage reduction is necessary to maintain a competitive market position for upland cotton; and “(iv) in the case of the 1990 crop, 5 percent from the level determined for the preceding crop.”. (d) Rice.— Effective only for the 1988 through 1990 crops of rice, paragraph (2) of section 101A(a) of such Act (7 U.S.C. 1441–l(a)(2)) is amended to read as follows: “(2) The loan level for any crop determined under paragraph (1)(B) may not be reduced by more than— “(A) in the case of the 1987 crop, 5 percent from the level determined for the preceding crop; “(B) in the case of the 1988 crop, 3 percent from the level determined for the preceding crop; “(C) in the case of the 1989 crop, 5 percent from the level determined for the preceding crop, plus an additional 2 percent from the level determined for the preceding crop if the Secretary determines that such additional percentage reduction is necessary to maintain a competitive market position for rice; and “(D) in the case of the 1990 crop, 5 percent from the level determined for the preceding crop,”.