COTTON USER MARKETING CERTIFICATES.

SEC. 107. COTTON USER MARKETING CERTIFICATES. (a) Issuance.— Section 103B(a)(5)(E) (7 U.S.C. 1444–2(a)(5)(E)) is amended— (1) by striking clause (i) and inserting the following new clause: “(i) Issuance.— Subject to clause (iv), during the period beginning August 1, 1991, and ending July 31, 1996, the Secretary shall issue marketing certificates or cash payments to domestic users and exporters for documented purchases by domestic users and sales for export by exporters made in the week following a consecutive 4-week period in which— “(I) the Friday through Thursday average price quotation for the lowest-priced United States growth, as quoted for Middling (M) one and three-thirty seconds inch cotton, delivered C.I.F. Northern Europe exceeds the Northern Europe price by more than 1.25 cents per pound; and “(II) the prevailing world market price for upland cotton (adjusted to United States quality and location), established under subparagraph (C), does not exceed 130 percent of the current crop year loan level for the base quality of upland cotton, as determined by the Secretary.”; (2) in clause (ii), by striking “marketing certificates” and inserting “marketing certificates or cash payments”; and 105 STAT. 1828 (3) by adding at the end the following new clause: “(iv) Exception.— The Secretary shall not issue marketing certificates or cash payments under clause (i) if, for the immediately preceding consecutive 10- week period, the Friday through Thursday average price quotation for the lowest priced United States growth, as quoted for Middling (M) one and three-thirty seconds inch cotton, delivered C.I.F. Northern Europe, adjusted for the value of any certificate issued under this subparagraph, exceeds the Northern Europe price by more than 1.25 cents per pound.”. (b) Prevailing World Market Price.— Section 103B(a)(5)(C)(ii) (7 U.S.C. 1444–2(a)(5)(C)(ii)) is amended by striking “and (B)” and inserting “, (B), and (E)”.