DAIRY EXPORT INCENTIVE PROGRAM.

SEC. 1503. DAIRY EXPORT INCENTIVE PROGRAM.(a) Extension.—Section 153(a) of the Food Security Act of 1985 (15 U.S.C. 713a–14(a)) is amended by striking “2007” and inserting “2012”.(b) Compliance With Trade Agreements.—Section 153 of the Food Security Act of 1985 (15 U.S.C. 713a–14) is amended—(1) in subsection (c), by striking paragraph (3) and inserting the following:“(3) the maximum volume of dairy product exports allowable consistent with the obligations of the United States under the Uruguay Round Agreements approved under section 101 of the Uruguay Round Agreements Act (19 U.S.C. 3511) is exported under the program each year (minus the volume sold under section 1163 of this Act during that year), except to the extent that the export of such a volume under the program would, in the judgment of the Secretary, exceed the limitations on the value permitted under subsection (f); and”; and.(2) in subsection (f), by striking paragraph (1) and inserting the following:“(1) Funds and commodities.—Except as provided in paragraph (2), the Commodity Credit Corporation shall in each year use money and commodities for the program under this section in the maximum amount consistent with the obligations of the United States under the Uruguay Round Agreements approved under section 101 of the Uruguay Round Agreements Act (19 U.S.C. 3511), minus the amount expended under section 1163 of this Act during that year.”.