GRAIN SORGHUM PRICE ELECTION.

SEC. 12009. GRAIN SORGHUM PRICE ELECTION. Section 508(c)(5) of the Federal Crop Insurance Act (7 U.S.C. 1508(c)(5)) is amended by adding at the end the following:“(D) Grain sorghum price election.—“(i) In general.—The Corporation, in conjunction with the Secretary (referred to in this subparagraph as the ‘Corporation’), shall—“(I) not later than 60 days after the date of enactment of this subparagraph, make available all methods and data, including data from the Economic Research Service, used by the Corporation to develop the expected market prices for grain sorghum under the production and revenue-based plans of insurance of the Corporation; and“(II) request applicable data from the grain sorghum industry.“(ii) Expert reviewers.—“(I) In general.—Not later than 120 days after the date of enactment of this subparagraph, the Corporation shall contract individually with 5 expert reviewers described in subclause (II) to develop and recommend a methodology for determining an expected market price for sorghum for both the production and revenue-based plans of 122 STAT. 1375 insurance to more accurately reflect the actual price at harvest.“(II) Requirements.—The expert reviewers under subclause (I) shall be comprised of agricultural economists with experience in grain sorghum and corn markets, of whom—“(aa) 2 shall be agricultural economists of institutions of higher education;“(bb) 2 shall be economists from within the Department; and“(cc) 1 shall be an economist nominated by the grain sorghum industry.“(iii) Recommendations.—“(I) In general.—Not later than 90 days after the date of contracting with the expert reviewers under clause (ii), the expert reviewers shall submit, and the Corporation shall make available to the public, the recommendations of the expert reviewers.“(II) Consideration.—The Corporation shall consider the recommendations under subclause (I) when determining the appropriate pricing methodology to determine the expected market price for grain sorghum under both the production and revenue-based plans of insurance.“(III) Publication.—Not later than 60 days after the date on which the Corporation receives the recommendations of the expert reviewers, the Corporation shall publish the proposed pricing methodology for both the production and revenue-based plans of insurance for notice and comment and, during the comment period, conduct at least 1 public meeting to discuss the proposed pricing methodologies.“(iv) Appropriate pricing methodology.—“(I) In general.—Not later than 180 days after the close of the comment period in clause (iii)(III), but effective not later than the 2010 crop year, the Corporation shall implement a pricing methodology for grain sorghum under the production and revenue-based plans of insurance that is transparent and replicable.“(II) Interim methodology.—Until the date on which the new pricing methodology is implemented, the Corporation may continue to use the pricing methodology that the Corporation determines best establishes the expected market price.“(III) Availability.—On an annual basis, the Corporation shall make available the pricing methodology and data used to determine the expected market prices for grain sorghum under the production and revenue-based plans of insurance, including any changes to the methodology used to determine the expected market prices for grain sorghum from the previous year.”.122 STAT. 1376