7-U.S.C.-627
§627 – Dairy Forward Pricing Pilot Program
Pathway
Title 7 > Chapter 26 > Subchapter III > Section 627
Details
- Reference: Section 627
- Legend: §627 – Dairy Forward Pricing Pilot Program
- USCode Year: 2013
Provision Content
(a) Pilot program required
Not later than 90 days after November 29, 1999, the Secretary of Agriculture shall establish a temporary pilot program under which milk producers and cooperatives are authorized to voluntarily enter into forward price contracts with milk handlers.
(b) Minimum milk price requirements
Payments made by milk handlers to milk producers and cooperatives, and prices received by milk producers and cooperatives, under the forward contracts shall be deemed to satisfy—
(1) all regulated minimum milk price requirements of paragraphs (B) and (F) of subsection (5) of section 608c of this title; and
(2) the requirement of paragraph (C) of such subsection regarding total payments by each handler.
(c) Milk covered by pilot program
(1) Covered milk
The pilot program shall apply only with respect to the marketing of federally regulated milk that—
(A) is not classified as Class I milk or otherwise intended for fluid use; and
(B) is in the current of interstate or foreign commerce or directly burdens, obstructs, or affects interstate or foreign commerce in federally regulated milk.
(2) Relation to Class I milk
To assist milk handlers in complying with the limitation in paragraph (1)(A) without having to segregate or otherwise individually track the source and disposition of milk, a milk handler may allocate milk receipts from producers, cooperatives, and other sources that are not subject to a forward contract to satisfy the handlers obligations with regard to Class I milk usage.
(d) Duration
The authority of the Secretary of Agriculture to carry out the pilot program shall terminate on December 31, 2004. No forward price contract entered into under the program may extend beyond that date.
(e) Study and report on effect of pilot program
(1) Study
The Secretary of Agriculture shall conduct a study on forward contracting between milk producers and cooperatives and milk handlers to determine the impact on milk prices paid to producers in the United States. To obtain information for the study, the Secretary may use the authorities available to the Secretary under section 608d of this title, subject to the confidentiality requirements of subsection (2) of such section.
(2) Report
Not later than April 30, 2002, the Secretary shall submit to the Committee on Agriculture, Nutrition and Forestry of the Senate and the Committee on Agriculture of the House of Representatives a report containing the results of the study.
(May 12, 1933, ch. 25, title I, §23, as added Pub. L. 106–113, div. B, §1000(a)(8) [§3], Nov. 29, 1999, 113 Stat. 1536, 1501A–519.)
Codification
Another section 23 of act May 12, 1933 amended former section 781 of Title 12, Banks and Banking.
U.S. Encyclopedia of Law Coverage
7-U.S.C.-612C-6 in the Legal Encyclopedia: Agriculture
In this entry about 7-U.S.C.-612C-6, find legal reference material, bibliographies and premiere content related to agriculture in the American Encyclopedia of Law, presenting a comprehensive view of the United States agriculture-specific issues, written by authorities in the field.
7-U.S.C.-612C-4 in the Legal Encyclopedia: Agricultural Adjustment
In this entry about 7-U.S.C.-612C-4, find legal reference material, bibliographies and premiere content related to agricultural adjustment in the American Encyclopedia of Law, presenting a comprehensive view of the United States agricultural adjustment-specific issues, written by authorities in the field.
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