to producers for the storage of the commodities. The pay-
ments shall— 
(1) be in such amounts, under such conditions, 
and at such times as the Secretary determines ap-
propriate to encourage producers to participate in 
the program; and 
(2) reflect local, commercial storage rates, sub-
ject to appropriate conditions concerning quality 
management and other factors. 
(b) ANNOUNCEMENT OF PROGRAM.— 
(1) TIME OF ANNOUNCEMENT.—The Secretary 
shall announce the terms and conditions of the stor-
age payments for a crop of a commodity by— 
(A) in the case of wheat, December 15 of 
the year in which the crop of wheat was har-
vested; 
(B) in the case of feed grains, March 15 
of the year following the year in which the crop 
of corn was harvested; and 
(C) in the case of other commodities, such 
dates as may be determined by the Secretary. 
(2) CONTENT OF ANNOUNCEMENT.—In the an-
nouncement, the Secretary shall specify the max-
imum quantity of a commodity to be stored in the 
Biofuels Feedstocks Energy Reserve that the Sec-
retary determines appropriate to promote the orderly 
marketing of the commodity, and to ensure an ade-
quate supply for the production of biofuels. 
(c) RECONCENTRATION.—The Secretary may, with 
the concurrence of the owner of a commodity stored under 
this program, reconcentrate the commodity stored in com-
mercial warehouses at such points as the Secretary con-
siders to be in the public interest, taking into account such 
factors as transportation and normal marketing patterns. 
The Secretary shall permit rotation of stocks and facilitate 
maintenance of quality under regulations that assure that 
the holding producer or warehouseman shall, at all times, 
have available for delivery at the designated place of stor-
age both the quantity and quality of the commodity cov-
ered by the producer’s or warehouseman’s commitment. 
(d) MANAGEMENT.—Whenever a commodity is stored 
under this section, the Secretary may buy and sell at an 
equivalent price, allowing for the customary location and 
grade differentials, substantially equivalent quantities of 
the commodity in different locations or warehouses to the 
extent needed to properly handle, rotate, distribute, and 
locate the commodity that the Commodity Credit Corpora-
tion owns or controls. The purchases to offset sales shall 
be made within 2 market days following the sales. The
Secretary shall make a daily list available showing the 
price, location, and quantity of the transactions. 
(e) REVIEW.—In announcing the terms and condi-
tions under which storage payments will be made under 
this section, the Secretary shall review standards con-
cerning the quality of a commodity to be stored in the 
Biofuels Feedstocks Energy Reserve, and such standards 
should encourage only quality commodities, as determined 
by the Secretary. The Secretary shall review inspection, 
maintenance, and stock rotation requirements and take 
the necessary steps to maintain the quality of the commod-
ities stored in the reserve. 
SEC. 205. USE OF COMMODITY CREDIT CORPORATION. 
The Secretary shall use the Commodity Credit Cor-
poration, to the extent feasible, to carry out this title. To 
the maximum extent practicable consistent with the effec-
tive and efficient administration of this title, the Secretary 
shall utilize the usual and customary channels, facilities, 
and arrangements of trade and commerce. 
SEC. 206. REGULATIONS. 
Not later than 60 days after the date of the enact-
ment of this Act, the Secretary shall issue such regulations 
as are necessary to carry out this title. 
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