37192 Federal Register / Vol. 52, No. 192 / M onday, O ctober 5, 1987 / N otices

the loan and purchase level for 

soybeans for subsequent years.

Section 201(i)(5) of the 1949 Act 

provides that the Secretary shall make a 

preliminary announcement of the level 

of price support for a crop of soybeans 

not earlier than 30 days prior to 

September 1, the beginning of the 

soybean marketing year, based upon the 

latest information and statistics then 

available. The Secretary must make a 

final announcement of such level as 

soon as full information and statistics 

are available. The final announcement 

of the level of price support must be 

made no later than October 1 of the 

marketing year to which the 

announcement is applicable and cannot 

be less than the level set forth in the 

preliminary announcement. The level 

announced in the preliminary 

announcement was $4.77 per bushel.

Ending stocks of soybeans for the

1986- 87 marketing year are expected to

be approximately 480 million bushels, 

an amount considered to be excessive. 

Maintaining the price support level for 

the 1987 crop of soybeans at $5.02 per 

bushel would likely result in ending 

stocks of approximately 507 million 

bushels for the 1987-88 marketing year 

since such a support level would 

discourage the exportation of soybeans 

and to a lesser degree, result in lower 

domestic use of soybeans. Based upon 

the 1987 estimated production of 

soybeans, a $4.77 per bushel price 

support level would likely result in 

ending stocks of approximately 480 

million bushels for the 1987-1988 

marketing year.

As compared to a $5.02 per bushel 

price support level, a $4.77 per bushel 

price support level would increase the 

export of soybeans about 3 percent and 

also increase slightly the domestic use 

of soybeans. The price support level for 

the 1987 crop of corn has been 

established at $1.82 per bushel. 

Establishing a 1987 soybean price 

support level of $5.02 per bushel, with a 

$1.82 per bushel price support level for 

corn, would result in an adverse 

distortion of the historical com/soybean

price relationship and result in an 

adverse impact on the use of soybeans.

However, a 1987 soybean price support

level of $4.77 per bushel would better 

maintain this normal corn/soybean 

price relationship. Accordingly, the

1987- crop soybean price support level

$4.77 per bushel, the same as the price 

support level for the 1986 crop.

Section 201(i)(3) of the 1949 Act 

provides that, if the Secretary 

determines that such action will assist 

in maintaining the competitive 

relationship of soybeans in domestic 

and export markets after taking into 

consideration the cost of producing 

soybeans, supply and demand

conditions, and world prices for 

soybeans, the Secretary may permit a 

producer to repay a loan for a crop at a 

level that is the lesser of (1) the 

announced loan level for such crop or

(2) the prevailing world market price for 

soybeans, as determined by the 

Secretary. If the Secretary permits a 

producer to repay a loan as described 

above, the Secretary shall prescribe by 

regulation (1) a formula to define the 

prevailing world market price for 

soybeans and (2) a mechanism by which 

the Secretary shall announce 

periodically the prevailing world market 

price for soybeans.

Section 1009(a) of the Food Security 

Act of 1985 provides that whenever the 

Secretary determines that an action 

authorized by section 1009(c), (d) or (e) 

will reduce the total of the direct and 

indirect costs to the Federal 

Government of a commodity program 

administered by the Secretary without 

adversely affecting income to small and 

medium sized producers participating in 

such programs, the Secretary shall take 

such action with respect to that 

commodity program. These actions 

include: (1) The commercial purchases 

of commodities by the Secretary; (2) the 

settlement of nonrecourse loans at an 

amount less than the total of the 

principal loan amount and accumulated 

interest, but not less than the principal 

amount, if such action will result in: (A) 

Receipt of a portion rather than none of 

the accumulated interest; (B) avoidance 

of default of the loan; and (C) 

elimination of storage, handling and 

carrying charges on the forfeited loan 

collateral; and (3) the reopening of a 

production control or loan program 

established for a crop at any time prior 

to harvest of such crop for the purpose 

of accepting bids from producers for the 

conversion of acreage planted to a 

program crop to diverted acreage in 

return for in-kind payments if the 

Secretary has determined that: (1) 

Changes in domestic or world supply or 

demand conditions have substantially 

changed after announcement of the 

program for that crop and (2) without 

action to further adjust production, the 

Federal Government and producers will 

be faced with a burdensome and costly 

surplus. Such payments are not subject 

to the maximum payment limitation is provision of section 1001 of the Food 

Security Act of 1985 but are limited to 

$20,000 per year per producer for any 

one commodity.

Accordingly, the following 

determinations have been made. 

Determinations

A. Price Support L evel

The price support level for the 1987

crop of soybeans shall be $4.77 per 

bushel.

B. M arketing Loan

A marketing loan will not be 

implemented with respect to the 1987 

crop of soybeans.

C. Cost Reduction Options

The decision to implement any cost 

reduction option will be made at a later 

date.

(Sec. 201(i), Agricultural Act of 1949, as

amended, 63 Stat. 1052, as amended (7 U.S.C

1446(i)))

Signed at Washington, DC, on September

24,1987.

Richard E. Lying,

Secretary.

[FR Doc. 87-22955 Filed 10-2-87; 8:45 am]

BILLING CODE 3410-05-M

Packers and Stockyards

Administration

Certification of Central Filing System;

New Hampshire

The Statewide central filing system of 

New Hampshire is hereby certified, 

pursuant to section 1324 of the Food 

Security Act of 1985, on the basis of 

information submitted by Christopher 

Morgan, Assistant Secretary of State, for

all farm products produced in that State.

This is issued pursuant to authority 

delegated by the Secretary of 

Agriculture.

Authority: Sec. 1324(c)(2), Pub. L. 99-198, 99

Stat. 1535, 7 U.S.C. 1631(c)(2); 7 CFR

2.17(e)(3), 2.56(a)(3), 51 FR 22795.

Dated: September 29,1987.

B. H. (Bill) Jones,

Administrator, Packers and Stockyards

Administration.

[FR Doc. 87-22956 Filed 10-2-87; 8:45 am]

BILLING CODE 3410-KD-M

Certification of Central Filing System;

South Dakota

The Statewide central filing system of 

South Dakota is hereby certified, 

pursuant to section 1324 of the Food 

Security Act of 1985, on the basis of 

information submitted by Thomas G. 

Leckey, Deputy Secretary of State, for 

all farm products produced in that State 

except timber to be cut.

This is issued pursuant to authority 

delegated by the Secretary of 

Agriculture.

Authority: Sec. 1324(c)(2), Pub. L. 99-198,99

Stat. 1535, 7 U.S.C. 1631(c)(2); 7 CFR

2.17(e)(3), 2.56(a)(3), 51 FR 22795.

Dated: September 29,1987.

B.H. (BILL) Jones,

Administrator, Packers and Stockyards

A dministration.

[FR Doc. 87-22957 Filed 10-2-87; 8:45 am]

BILLING CODE 3410-KD-M