REPEAL OF SUPERSEDED PRICE SUPPORT AUTHORITY AND EFFECT OF REPEAL.

SEC. 1310. REPEAL OF SUPERSEDED PRICE SUPPORT AUTHORITY AND EFFECT OF REPEAL. (a) Repeal of Price Support Authority.— (1) In general.—Section 155 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7271) is repealed. (2) Conforming amendments.—The Agricultural Act of 1949 (7 U.S.C. 1441 et seq.) is amended— (A) in section 101(b) (7 U.S.C. 1441(b)), by striking “and peanuts”; and (B) in section 408(c) (7 U.S.C. 1428(c)), by striking “peanuts,”. (3) Technical amendment.—The chapter heading of chapter 2 of subtitle D of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. prec. 7271) is amended by striking “PEANUTS AND”. (b) Disposal.—Notwithstanding any other provision of law or previous declaration made by the Secretary, the Secretary shall ensure that the disposal of all peanuts for which a loan for the 2001 crop of peanuts was made under section 155 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7271) before the date of enactment of this Act is carried out in a manner that prevents price disruptions in the domestic and international markets for peanuts. (c) Treatment of Crop Insurance Policies for 2002 Crop Year.— (1) Applicability.—This subsection shall apply for the 2002 crop year only notwithstanding any other provision of law or crop insurance policy. (2) Price election.—The nonquota price election for segregation I, II, and III peanuts shall be 17.75 cents per pound 116 STAT. 183 and shall be used for all aspects of the policy relating to the calculations of premium, liability, and indemnities. (3) Quality Adjustment.—For the purposes of quality adjustment only, the average support price per pound of peanuts shall be a price equal to 17.75 cents per pound. Quality under the crop insurance policy for peanuts shall be adjusted under procedures issued by the Federal Crop Insurance Corporation.