A bill to amend the Agriculture Market Transition Act to increase loan rates for marketing assistance loans for each of the 2001 and 2002 crops, to make nonrecourse marketing assistance loans and loan deficiency payments available to producers of dry peas, lentils, chickpeas, and rye, and for other purposes.

Summary: Family Agriculture Recovery and Market (FARM) Equity Act of 2001 - Amends the Agricultural Market Transition Act to revise 2001 and 2002 marketing assistance loan rates for wheat, feed grains, upland and extra long staple cotton, rice, and oilseeds.Authorizes 2001 and 2002 nonrecourse marketing assistance loans and loan deficiency payments for dry peas, lentils, chickpeas, and rye.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Family Agriculture Recovery and 
Market (FARM) Equity Act of 2001''.

SEC 2. LOAN RATES FOR MARKETING ASSISTANCE LOANS.

    Section 132 of the Agricultural Market Transition Act (7 U.S.C. 
7232) is amended to read as follows:

``SEC. 132. LOAN RATES FOR MARKETING ASSISTANCE LOANS.

    ``(a) Wheat.--The loan rate for a marketing assistance loan under 
section 131 for wheat shall be not less than--
            ``(1) 85 percent of the simple average price received by 
        producers of wheat, as determined by the Secretary, during the 
        marketing years for the immediately preceding 5 crops of wheat, 
        excluding the year in which the average price was the highest 
        and the year in which the average price was the lowest; or
            ``(2) $3.14 per bushel.
    ``(b) Feed Grains.--
            ``(1) Corn.--The loan rate for a marketing assistance loan 
        under section 131 for corn shall be not less than--
                    ``(A) 85 percent of the simple average price 
                received by producers of corn, as determined by the 
                Secretary, during the marketing years for the 
                immediately preceding 5 crops of corn, excluding the 
                year in which the average price was the highest and the 
                year in which the average price was the lowest; or
                    ``(B) $2.09 per bushel.
            ``(2) Other feed grains.--
                    ``(A) In general.--Subject to subparagraph (B), the 
                loan rate for a marketing assistance loan under section 
                131 for grain sorghum, barley, and oats, individually, 
                shall be established at such level as the Secretary 
                determines is fair and reasonable in relation to the 
                rate at which loans are made available for corn, taking 
                into consideration the feeding value of the commodity 
                in relation to corn.
                    ``(B) Minimum loan rates.--The loan rate for a 
                marketing assistance loan under section 131 for grain 
                sorghum, barley, and oats, individually, shall be not 
                less than--
                            ``(i) 85 percent of the simple average 
                        price received by producers of grain sorghum, 
                        barley, and oats, respectively, as determined 
                        by the Secretary, during the marketing years 
                        for the immediately preceding 5 crops of grain 
                        sorghum, barley, and oats, respectively, 
                        excluding the year in which the average price 
                        was the highest and the year in which the 
                        average price was the lowest; or
                            ``(ii)(I) in the case of grain sorghum, 
                        $1.89 per bushel;
                            ``(II) in the case of barley, $2.01 per 
                        bushel; and
                            ``(III) in the case of oats, $1.27 per 
                        bushel.
    ``(c) Upland Cotton.--
            ``(1) Loan rate.--Subject to paragraph (2), the loan rate 
        for a marketing assistance loan under section 131 for upland 
        cotton shall be established by the Secretary at such loan rate, 
        per pound, as will reflect for the base quality of upland 
        cotton, as determined by the Secretary, at average locations in 
        the United States, a rate that is not less than the lesser of--
                    ``(A) 85 percent of the average price (weighted by 
                market and month) of the base quality of cotton as 
                quoted in the designated United States spot markets 
                during 3 years of the 5-year period ending July 31 of 
                the year preceding the year in which the crop is 
                planted, excluding the year in which the average price 
                was the highest and the year in which the average price 
                was the lowest; or
                    ``(B) 90 percent of the average, for the 15-week 
                period beginning July 1 of the year preceding the year 
                in which the crop is planted, of the 5 lowest-priced 
                growths of the growths quoted for Middling 1\3/32\-inch 
                cotton C.I.F. Northern Europe (adjusted downward by the 
                average difference, during the period April 15 through 
                October 15 of the year preceding the year in which the 
                crop is planted, between the average Northern European 
                price quotation of that quality of cotton and the 
                market quotations in the designated United States spot 
                markets for the base quality of upland cotton), as 
                determined by the Secretary.
            ``(2) Limitations.--The loan rate for a marketing 
        assistance loan for upland cotton shall not be less than 
        $0.5826 per pound.
    ``(d) Extra Long Staple Cotton.--The loan rate for a marketing 
assistance loan under section 131 for extra long staple cotton shall be 
not less than--
            ``(1) 85 percent of the simple average price received by 
        producers of extra long staple cotton, as determined by the 
        Secretary, during 3 years of the 5-year period ending July 31 
        of the year preceding the year in which the crop is planted, 
        excluding the year in which the average price was the highest 
        and the year in which the average price was the lowest; or
            ``(2) $0.8768 per pound.
    ``(e) Rice.--The loan rate for a marketing assistance loan under 
section 131 for rice shall be not less than--
            ``(1) 85 percent of the simple average price received by 
        producers of rice, as determined by the Secretary, during 3 
        years of the 5-year period ending July 31 of the year preceding 
        the year in which the crop is planted, excluding the year in 
        which the average price was the highest and the year in which 
        the average price was the lowest; or
            ``(2) $7.81 per hundredweight.
    ``(f) Oilseeds.--
            ``(1) Soybeans.--The loan rate for a marketing assistance 
        loan under section 131 for soybeans shall be not less than--
                    ``(A) 85 percent of the simple average price 
                received by producers of soybeans, as determined by the 
                Secretary, during the marketing years for the 
                immediately preceding 5 crops of soybeans, excluding 
                the year in which the average price was the highest and 
                the year in which the average price was the lowest; or
                    ``(B) $5.26 per bushel.
            ``(2) Sunflower seed, canola, rapeseed, safflower, mustard 
        seed, and flaxseed.--The loan rate for a marketing assistance 
        loan under section 131 for sunflower seed, canola, rapeseed, 
        safflower, mustard seed, and flaxseed, individually, shall be 
        not less than--
                    ``(A) 85 percent of the simple average price 
                received by producers of sunflower seed, canola, 
                rapeseed, safflower, mustard seed, and flaxseed, 
                respectively, as determined by the Secretary, during 
                the marketing years for the immediately preceding 5 
                crops of sunflower seed, canola, rapeseed, safflower, 
                mustard seed, and flaxseed, respectively, excluding the 
                year in which the average price was the highest and the 
                year in which the average price was the lowest; or
                    ``(B)(i) in the case of oil sunflower seed, $0.093 
                per pound;
                    ``(ii) in the case of nonoil sunflower seed, 
                $0.1176 per pound;
                    ``(iii) in the case of canola, $0.0945 per pound;
                    ``(iv) in the case of rapeseed, $0.1001 per pound;
                    ``(v) in the case of safflower, $0.1259 per pound;
                    ``(vi) in the case of mustard seed, $0.1176 per 
                pound; and
                    ``(vii) in the case of flaxseed, $0.093 per pound.
            ``(3) Other oilseeds.--The loan rates for a marketing 
        assistance loan under section 131 for other oilseeds shall be 
        established at such level as the Secretary determines is fair 
        and reasonable in relation to the loan rate available for 
        soybeans, except that the rate for the oilseeds (other than 
        cottonseed) shall not be less than the rate established for 
        soybeans on a per-pound basis for the same crop.''.

SEC. 3. NONRECOURSE MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY 
              PAYMENTS FOR DRY PEAS, LENTILS, CHICKPEAS, AND RYE.

    (a) Definition of Loan Commodity.--Section 102(10) of the 
Agricultural Market Transition Act (7 U.S.C. 7202(10)) is amended by 
striking ``and oilseed'' and inserting ``oilseed, dry peas, lentils, 
chickpeas, and rye''.
    (b) Availability of Nonrecourse Loans.--Section 131(a) of the 
Agricultural Market Transition Act (7 U.S.C. 7231(a)) is amended in the 
first sentence by inserting after ``each loan commodity'' the 
following: ``(other than dry peas, lentils, chickpeas, and rye) and 
each of the 2001 and 2002 crops of dry peas, lentils, chickpeas, and 
rye''.
    (c) Loan Rates.--Section 132 of the Agricultural Market Transition 
Act (7 U.S.C. 7232) (as amended by section 2) is amended by adding at 
the end the following:
    ``(g) Dry Peas, Lentils, Chickpeas, and Rye.--The loan rate for a 
marketing assistance loan under section 131 for dry peas, lentils, 
chickpeas, and rye, individually, shall be not less than--
            ``(1) 85 percent of the simple average price received by 
        producers of dry peas, lentils, chickpeas, and rye, 
        respectively, as determined by the Secretary, during the 
        marketing years for the immediately preceding 5 crops of dry 
        peas, lentils, chickpeas, and rye, respectively, excluding the 
        year in which the average price was the highest and the year in 
        which the average price was the lowest; or
            ``(2)(A) in the case of dry peas, $7.00 per hundredweight;
            ``(B) in the case of lentils, $12.00 per hundredweight;
            ``(C) in the case of chickpeas, $15.00 per hundredweight; 
        and
            ``(D) in the case of rye, $2.80 per bushel.''.
    (d) Repayment of Loans.--Section 134(a) of the Agricultural Market 
Transition Act (7 U.S.C. 7234(a)) is amended--
            (1) by striking ``and Oilseeds.--'' and inserting 
        ``Oilseeds, Dry Peas, Lentils, Chickpeas, and Rye.--''; and
            (2) by striking ``and oilseeds'' and inserting ``oilseeds, 
        dry peas, lentils, chickpeas, and rye''.
    (e) Payment Limitation.--Section 1001(2) of the Food Security Act 
of 1985 (7 U.S.C. 1308(2)) is amended by striking ``contract 
commodities and oilseeds'' and inserting ``contract commodities, 
oilseeds, dry peas, lentils, chickpeas, and rye''.

SEC. 4. APPLICABILITY.

    This Act and the amendments made by this Act shall apply to each of 
the 2001 and 2002 crops of a loan commodity (as defined in section 102 
of the Agricultural Market Transition Act (7 U.S.C. 7202) (as amended 
by section 3(a))).