CALCULATION OF DEFICIENCY PAYMENTS BASED ON 12-MONTH AVERAGE.

SEC. 1102. CALCULATION OF DEFICIENCY PAYMENTS BASED ON 12-MONTH AVERAGE. (a) Wheat.—Clause (ii) of section 107B(c)(1)(B) of the Agricultural Act of 1949 (as added by section 301 of the Food, Agriculture, Conservation, and Trade Act of 1990) is amended to read as follows: “(ii) Payment rate of 1994 and 1995 crops.— The payment rate for each of the 1994 and 1995 crops of wheat shall be the amount by which the established price for the crop of wheat exceeds the higher of— “(I) the lesser of— “(aa) the national weighted average market price received by producers during the marketing year for the crop, as determined by the Secretary; or “(bb) the national weighted average market price received by producers during the first 5 months of the marketing year for the crop, as determined by the Secretary, plus 10 cents per bushel; or “(II) the loan level determined for the crop, prior to any adjustment made under subsection (a)(3) for the marketing year for the crop of wheat.”. (b) Feed Grains.—Clause (ii) of section 105B(c)(l)(B) of the Agricultural Act of 1949 (as added by section 401 of the Food, Agriculture, Conservation, and Trade Act of 1990) is amended to read as follows: “(ii) Payment rate of 1994 and 1995 crops.— The payment rate for each of the 1994 and 1995 crops of corn, grain sorghums, oats, and barley shall be the amount by which the established price for the respective crop of feed grains exceeds the higher of— “(I) the lesser of— “(aa) the national weighted average market price received by producers during the marketing year for the crop, as determined by the Secretary; or 104 STAT. 1388–2 “(bb) the national weighted average market price received by producers during the first 5 months of the marketing year for the crop, as determined by the Secretary, plus 7 cents per bushel; or “(II) the loan level determined for the crop, prior to any adjustment made under subsection (a)(3) for the marketing year for the respective crop of feed grains.”. (c) Rice.—Clause (ii) of section 101B(c)(l)(B) of the Agricultural Act of 1949 (as added by section 601 of the Food, Agriculture, Conservation, and Trade Act of 1990) is amended to read as follows: “(ii) Payment rate of 1994 and 1995 crops.— The payment rate for each of the 1994 and 1995 crops of rice shall be the amount by which the established price for the crop of rice exceeds the higher of— “(I) the lesser of— “(aa) the national average market price received by producers during the calendar year that contains the first 5 months of the marketing year for the crop, as determined by the Secretary; or “(bb) the national average market price received by producers during the first 5 months of the marketing year for the crop, as determined by the Secretary, plus an appropriate amount that is fair and equitable in relation to wheat and feed grains (as determined by the Secretary); or “(II) the loan level determined for the crop.”. (d) Conforming Amendment.—Section 114(c) of the Agricultural Act of 1949 (as amended by section 1121(a) of the Food, Agriculture, Conservation, and Trade Act of 1990 and redesignated by section 1161(a)(D of such Act) by striking “wheat, feed grains, and rice which payments are calculated on the basis of the national weighted average market price (or, in the case of rice, the national average market price) for the marketing year for the crop” and inserting “wheat and feed grains which payments are calculated as provided in sections 107B(c)(l)(B)(ii), 107B(p), or 105B(c)(l)(B)(ii)”.