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Title 7 — AgricultureRelease 119-73not60

§7960 Repeal of Superseded Price Support Authority and Effect of Repeal

Title 7 › Chapter 106— COMMODITY PROGRAMS › Subchapter III— PEANUTS › § 7960

Last updated Apr 3, 2026|Official source

Summary

The Secretary must handle the sale or removal of any peanuts that had a loan for the 2001 crop under section 7271 and were dealt with before May 13, 2002, in a way that does not upset peanut prices in the U.S. or world markets. For the 2002 crop year only, no matter what other law or insurance policy says, the nonquota price election for segregation I, II, and III peanuts is 17.75 cents per pound. That 17.75¢/lb figure must be used to figure premiums, liabilities, and indemnities. For quality adjustments only, the average support price is also 17.75¢/lb, and quality changes must follow rules set by the Federal Crop Insurance Corporation.

Full Legal Text

Title 7, §7960

Agriculture — Source: USLM XML via OLRC

(a)
(b)Notwithstanding any other provision of law or previous declaration made by the Secretary, the Secretary shall ensure that the disposal of all peanuts for which a loan for the 2001 crop of peanuts was made under section 7271 of this title before May 13, 2002, is carried out in a manner that prevents price disruptions in the domestic and international markets for peanuts.
(c)(1)This subsection shall apply for the 2002 crop year only notwithstanding any other provision of law or crop insurance policy.
(2)The nonquota price election for segregation I, II, and III peanuts shall be 17.75 cents per pound and shall be used for all aspects of the policy relating to the calculations of premium, liability, and indemnities.
(3)For the purposes of quality adjustment only, the average support price per pound of peanuts shall be a price equal to 17.75 cents per pound. Quality under the crop insurance policy for peanuts shall be adjusted under procedures issued by the Federal Crop Insurance Corporation.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification Section is comprised of section 1310 of Pub. L. 107–171. Subsec. (a) of section 1310 of Pub. L. 107–171 amended section 1428 and 1441 of this title and repealed 7271 of this title.

Reference

Citations & Metadata

Citation

7 U.S.C. § 7960

Title 7 — Agriculture

Last Updated

Apr 3, 2026

Release point: 119-73not60