,,ii #aacth ,,congress #ast ,session ,s4 #gdf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,april #ag1 #bjac ,mr4 ,cowan introduced the following bill2 which was read twice and referred to the ,committee on ,agriculture1 ,nutrition1 and ,forestry ,a ,,bill ,to amend the ,food1 ,conservation1 and ,energy ,act of #bjjh to establish a market-driven inventory system4 #a4 ,market-driven inventory system 7a7 ,in general ,subtitle ,b of title ,i of the ,food1 ,conservation1 and ,energy ,act of #bjjh 7#g ,u4,s4,c4 #hgca et seq47 is amended by adding at the end the following3 #abaa4 ,market-driven inventory system 7a7 ,definitions ,in this section3 7#a7 ,inventory cap ,the term inventory cap means the market commodity-specific limitations on participation in the program described in subsection 7b77#c74 7#b7 ,market commodity ,the term market commodity means corn1 oats1 barley1 grain sorghum1 wheat1 and soybeans4 7#c7 ,program ,the term program means the market-driven inventory system program established in accordance with this section4 7#d7 ,storage period ,the term storage period means1 for a market commodity enrolled in the program1 the period that-- 7,a7 begins on the date of enrollment of the market commodity in the program2 and 7,b7 ends on the date on which the ,secretary authorizes loan repayment and release under subsection 7d74 7b7 ,recourse loans available 7#a7 ,in general ,subject to paragraph 7#c71 for each of the #bjad through #bjah crops of each market commodity1 the ,secretary shall make available recourse loans in accordance with this section to producers on a farm that elect to participate in the program for #a or more market commodities4 7#b7 ,enrollment 7,a7 ,in general ,enrollment in the program shall be voluntary and considered on a rolling basis4 7,b7 ,limitations 7i7 ,in general ,the ,secretary may implement enrollment restrictions if the market prices of a market commodity are close to the recourse loan rate or the release price described in subsection 7d77#b74 7ii7 ,end of restrictions ,any enrollment restrictions implemented under clause 7i7 for a market commodity shall end as soon as the ,secretary determines that the #a-month average of the market commodity is below the recourse loan rate for that market commodity4 7#c7 ,inventory cap ,participation in the program for corn1 wheat1 and soybeans shall be limited to not more than the following3 7,a7 ,corn1 #c1jjj1jjj1jjj bushels4 7,b7 ,oats1 #bj1jjj1jjj bushels4 7,c7 ,barley1 #dj1jjj1jjj bushels4 7,d7 ,grain sorghum1 #dj1jjj1jjj bushels4 7,e7 ,wheat1 #hjj1jjj1jjj bushels4 7,f7 ,soybeans1 #djj1jjj1jjj bushels4 7c7 ,storage period 7#a7 ,in general ,as a condition of participation1 for each market commodity that the producers on a farm enroll in the program1 the producers on the farm shall1 throughout the storage period-- 7,a7 store the market commodity2 7,b7 maintain the market commodity in proper condition1 as determined by the ,secretary2 and 7,c7 not sell or otherwise release into the market the market commodity4 7#b7 ,ownership ,during the storage period-- 7,a7 title to the market commodity shall remain with the producers on the farm1 subject to the conditions on participation described in paragraph 7#a72 and 7,b7 the ,secretary shall have a first lien on the market commodity for which a recourse loan under this section is received4 7#c7 ,payment 7,a7 ,in general ,during the storage period1 the ,secretary shall make storage payments to the producers on the farm at a rate of #j4dj per bushel of market commodity per crop year4 7,b7 ,duration ,the ,secretary shall terminate the making of storage payments for a market commodity to producers on a farm on the date on which the release price for the market commodity is triggered in accordance with subsection 7d74 7d7 ,loan repayment and release 7#a7 ,in general ,subject to paragraph 7#d71 the ,secretary shall authorize loan repayment and release for a market commodity on the date on which the release price for that market commodity is triggered4 7#b7 ,release price ,the release price for a market commodity shall be equal to #afj percent of the applicable recourse loan rate described in subsection 7e74 7#c7 ,producer options ,subject to paragraph 7#d71 once the ,secretary has authorized loan repayment and release for a market commodity1 the producers on a farm may-- 7,a7 sell or otherwise release into the market the market commodity2 or 7,b7 continue to store the market commodity1 but without receiving additional storage payments for the market commodity4 7#d7 ,partial release 7,a7 ,in general ,regardless of whether the inventory cap for a market commodity has been reached1 if the ,secretary determines1 based on available information1 that the total quantity of the market commodity stored is so great that release of all of the stored market commodity into the market would depress market prices below the release level1 the ,secretary may establish a maximum release quantity to limit the sale and release of the stored market commodity4 7,b7 ,administration ,in the case of a partial release described in subparagraph 7,a7-- 7i7 the producers on a farm that first enrolled in the program shall be eligible first to sell or otherwise release into the market the stored market commodity2 and 7ii7 the producers on a farm that do not have the option of selling or otherwise releasing into the market the stored market commodity shall continue to be eligible to receive storage payments for the market commodity4 7e7 ,recourse loan rates ,for purposes of each of the #bjad through #bjah crop years1 the recourse loan rate for a market commodity under this section shall be equal to the following3 7#a7 ,corn1 #c4ej per bushel4 7#b7 ,oats1 #b4di per bushel4 7#c7 ,barley1 #c4ej per bushel4 7#d7 ,grain sorghum1 #c4ej per bushel4 7#e7 ,wheat1 #e4bh per bushel4 7#f7 ,soybeans1 #h4ig per bushel4 7f7 ,set-,aside program 7#a7 ,in general ,if the inventory cap for a market commodity is reached and the market price of the market commodity is below the recourse loan rate for the market commodity1 the ,secretary may establish a set-aside program under which producers on a farm may remove acres from production for the following crop year4 7#b7 ,eligibility ,to be eligible to enroll acres in the set-aside program under paragraph 7#a71 the producers on a farm shall be required to have produced the applicable market commodity during at least #a of the last #b crop years1 as determined by the ,secretary4 7#c7 ,requirements 7,a7 ,cover crop 7i7 ,in general ,as a condition on participation in the set-aside program1 producers on a farm shall be required to maintain an approved cover crop on all enrolled acreage4 7ii7 ,planting flexibility ,producers on a farm may plant any crop on acreage not enrolled in the set-aside program4 7,b7 ,secretarial discretion ,if the ,secretary establishes a set-aside program under paragraph 7#a71 the ,secretary shall determine1 at the discretion of the ,secretary-- 7i7 the amount of the payment to be made to producers that elect to participate in the set-aside program2 7ii7 the percentage of the total acreage planted to the market commodity that the producers are required to remove from production as a condition of participation2 and 7iii7 the extent to which grazing and other noncommercial uses of the land enrolled in the set-aside program shall be permitted4 4 7b7 ,conforming amendments 7#a7 ,section #ajja of the ,food1 ,conservation1 and ,energy ,act of #bjjh 7#g ,u4,s4,c4 #hgjb7 is amended-- 7,a7 in paragraph 7#d7-- 7i7 by striking wheat1 corn1 grain sorghum1 barley1 oats2 and 7ii7 by striking soybeans2 and 7,b7 in paragraph 7#h7-- 7i7 by striking wheat1 corn1 grain sorghum1 barley1 oats2 and 7ii7 by striking soybeans4 7#b7 ,section #aajc7;b7 of the ,food1 ,conservation1 and ,energy ,act of #bjjh 7#g ,u4,s4,c4 #hgac7 is amended-- 7,a7 by striking paragraphs 7#a71 7#b71 7#c71 7#d71 7#e71 and 7#i72 and 7,b7 by redesignating paragraphs 7#f71 7#g71 7#h71 and 7#aj7 as paragraphs 7#a71 7#b71 7#c71 and 7#d71 respectively4 7#c7 ,section #aajd7;c77#c7 of the ,food1 ,conservation1 and ,energy ,act of #bjjh 7#g ,u4,s4,c4 #hgad7;c77#c77 is amended-- 7,a7 by striking subparagraphs 7,a71 7,b71 7,c71 7,d71 7,e71 and 7,i72 and 7,b7 by redesignating subparagraphs 7,f71 7,g71 and 7,h7 and 7,j7 through 7,n7 as subparagraphs 7,a71 7,b71 and 7,c7 and 7,d7 through 7,h71 respectively4 7#d7 ,section #abjb7;c7 of the ,food1 ,conservation1 and ,energy ,act of #bjjh 7#g ,u4,s4,c4 #hgcb7;c77 is amended-- 7,a7 by striking paragraphs 7#a71 7#b71 7#c71 7#d71 7#e71 and 7#aj72 and 7,b7 by redesignating paragraphs 7#f7 through 7#i7 and 7#aa7 through 7#ai7 as paragraphs 7#a7 through 7#d7 and 7#e7 through 7#ac71 respectively4 7c7 ,application ,the amendments made by this section apply beginning with the #bjad crop of a market commodity 7as defined in section #abaa7;a7 of the ,food1 ,conservation1 and ,energy ,act of #bjjh 7as added by subsection 7a7774