[Federal Register: July 3, 2006 (Volume 71, Number 127)]
[Proposed Rules]
[Page 37857-37862]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03jy06-14]
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DEPARTMENT OF AGRICULTURE
Commodity Credit Corporation
7 CFR Part 1421
RIN 0560-AH52
Storage Requirements for Grain Security for Marketing Assistance
Loans
AGENCY: Commodity Credit Corporation, USDA.
ACTION: Proposed rule.
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SUMMARY: This rule proposes changes to the regulations governing the
Marketing Assistance Loan Programs of the Commodity Credit Corporation
(CCC) that are authorized by the Farm Security and Rural Investment Act
of 2002 (2002 Act). CCC is proposing to no longer require a Federally-
licensed warehouse operator, or in a State with a warehouse licensing
programs, a State-licensed warehouse operator to execute a CCC storage
agreement. Nothing in this proposed rule will affect the administration
of the United States Warehouse Act by USDA.
DATES: Comments should be received on or before August 2, 2006.
ADDRESSES: CCC invites interested persons to submit comments on this
proposed rule and on the collection of information required to
administer the affected regulations. Comments may be submitted by any
of the following methods:
E-Mail: Send comments to: kimberly.graham@wdc.usda.gov.
Fax: Submit comments by facsimile transmission to: (202)
690-1536.
Mail: Send comments to: Director, Price Support Division,
Farm Service Agency, United States Department of Agriculture (USDA),
Room 4095-S, 1400 Independence Avenue, SW., Washington, DC 20250-0512.
Hand Delivery or Courier: Deliver comments to the above
address.
Federal Rulemaking Portal: Go to http://www.regulations.gov.
Follow the online instructions for submitting
comments.
All written comments will be available for public inspection at the
above address during business hours from 8 a.m. to 5 p.m., Monday
through Friday.
[[Page 37858]]
FOR FURTHER INFORMATION CONTACT: Kimberly Graham; phone: (202) 720-
9154; e-mail: kimberly.graham@wdc.usda.gov, or fax: (202) 690-1536.
SUPPLEMENTARY INFORMATION:
Background
Since the enactment of the Agricultural Act of 1949, the major
activity of CCC has been the administration and implementation of
nonrecourse marketing assistance loans to producers of major
agricultural commodities. Generally, Congress established loan rates
for certain commodities, e.g. $1.95 per bushel for corn, for the 2004
through 2007 crop years. Under nonrecourse loan provisions, the
producer may satisfy the loan obligation through forfeiture to CCC of
the commodity pledged as collateral for the loan.
Since 1949, the commodities pledged as collateral for these loans
could be stored on the producer's farm or in approved warehouses.
Historically, approved warehouses have been warehouse operators who
entered into storage agreements with CCC that set forth terms and
conditions regarding: (1) Financial aspects of the warehouse; (2) rates
that are applicable to the storage of CCC owned inventory and CCC loan
collateral; (3) handling and delivery charges with respect to these
commodities; and (4) related storage issues.
Most States, as well as the Department of Agriculture (USDA), have
a warehouse licensing regime for the storage of agricultural
commodities. In these States, generally, an entity must have a State or
Federal license to engage in storing these commodities. These licensed
entities issue warehouse receipts that evidence ownership of commingled
commodities. In general, those non-licensed entities in States with
licensing programs may not store agricultural commodities on behalf of
producers but are free to purchase commodities from producers.
Accordingly, in such States, commercial feed lots, ethanol plants, wool
pools, and other entities that are the ``end users'' of the commodity
are not licensed warehouses and, therefore, may not store commodities
on behalf of producers. In those States that do not have such a
licensing regime, warehouses must still follow State laws relating to
bailment and storage. The State laws relating to bailment and storage
may vary from State to State.
As a result of the accumulation of large quantities of commodities
forfeited under nonrecourse loans, in the mid-1980's Congress
instituted a fundamental change to CCC loan programs when market prices
are below the CCC loan rate. The change allows producers the
opportunity to repay the nonrecourse loan at a price determined by CCC
and to retain any difference between the amount of the loan value and
the repayment value. Under these ``marketing assistance loans (MAL),''
the producer still has the option of forfeiting the loan collateral to
CCC. MAL's accomplish two objectives. First, they provide producers
with interim financing to continue farming operations without having to
market their crop during a period of low market prices. Second, these
loans facilitate the orderly marketing and distribution of commodities
throughout the year.
The three largest amounts of acreage planted to agricultural
commodities for which marketing assistance loans are available are
devoted to corn, soybeans and wheat. The following chart shows the
estimated production of these commodities, as determined by the
National Agricultural Statistics Service of USDA, and the quantity of
such crops forfeited to CCC in the 2000 through 2004 crop years. With
respect to the 2004 crop, the increase in forfeitures was attributable
to the disruption in marketing channels caused by Hurricane Katrina.
This hurricane occurred when a significant number of corn and soybean
marketing assistance loans matured in the upper Midwest. The closing of
the Mississippi River in the New Orleans area and damage to grain
handling facilities in that area caused significant reductions in
commodity prices. As a result, there was an abnormal increase in
forfeitures to CCC; however, to mitigate this impact, CCC provided
producers with farm-stored loans the opportunity to store these CCC-
owned stocks on their farm for up to 60 days with the option of
purchasing the commodity at a price CCC would use in completing a
marketing loan transaction. Accordingly, while CCC took title to a
larger quantity of 2004 crops compared to the previous two years, such
stocks moved into commercial distribution as soon as was practicable in
as normal a way as possible.
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Percent of
Commodity year Production Forfeitures production
bil. bushels mil. bushels forfeited
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Corn:
2000........................................................ 9.915 26.596 0.2682
2001........................................................ 9.502 0.017 0.0002
2002........................................................ 8.966 1.892 0.0211
2003........................................................ 10.089 1.037 0.0103
2004........................................................ 11.807 24.382 0.2065
Soybeans:
2000........................................................ 2.757 5.704 0.2069
2001........................................................ 2.890 0.054 0.0019
2002........................................................ 2.756 0.205 0.0074
2003........................................................ 2.453 0.122 0.0050
2004........................................................ 3.123 0.483 0.0154
Wheat:
2000........................................................ 2.228 12.749 0.5722
2001........................................................ 1.947 0.442 0.0227
2002........................................................ 1.605 1.507 0.0939
2003........................................................ 2.344 2.480 0.1058
2004........................................................ 2.158 9.401 0.3247
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CCC's ownership interest in these major commodities is
insignificant. The percentage of other marketing loan commodities owned
by CCC as a percentage of total production is similar to these
commodities. When a comparison is made with the quantities of
commodities forfeited to CCC as a percentage of the quantities pledged
as
[[Page 37859]]
collateral for such loans, CCC takes possession of less than 0.4
percent of the commodities pledged as collateral for marketing
assistance loans.
The amount of the monetary gain producers may obtain by repaying
CCC marketing assistance loans at repayment rates below their loan rate
can be substantial. Therefore, there is a significant incentive for a
producer to obtain these loans solely for this benefit. However, both
the producer and CCC incur costs in completion of the loan transaction
due to costs associated with lien searches and lien filing fees as well
as USDA personnel costs incurred in processing these loans. To reduce
the costs associated with the delivery of this benefit, producers may
simply request that a payment be made to them in an amount equal to
what would be realized if the loan had been made and immediately repaid
at the lower repayment rate. In return for the payment, referred to as
a ``loan deficiency payment (LDP)'', the producer agrees that the
commodity for which the LDP was provided will not be pledged as
collateral for a CCC marketing assistance loan. The LDP amount is equal
to the established loan rate for the applicable loan commodity less the
repayment rate multiplied by the eligible quantity of the commodity.
With respect to commodities such as wheat, rice, feed grains, minor
oilseeds, wool, mohair and pulse crops, section 1205 of the 2002 Act
provides that these payments are made with respect to ``producers on a
farm that, although eligible to obtain a marketing assistance loan
under section 1201 with respect to a loan commodity, agree to forgo
obtaining the loan for the commodity in return for loan deficiency
payments. * * *'' A similar provision is set forth in section 1307 of
the 2002 Act for producers of peanuts.
With the advent of marketing assistance loans and LDP's in the mid-
1980's, producers' use of these benefits has shifted substantially from
the marketing loan option to the LDP option. The following chart sets
forth the number of marketing assistance loans and LDP's approved by
CCC as of March 31, 2006, for the 2003, 2004, and 2005 crops.
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Loan
Commodity year Warehouse Farm loan deficiency
loans payments
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Corn:
2003........................................................ 3,465 47,933 99,617
2004........................................................ 6,952 50,684 1,079,690
2005........................................................ 4,594 34,031 1,155,137
Soybeans:
2003........................................................ 3,256 18,538 7
2004........................................................ 15,258 40,318 463,338
2005........................................................ 14,239 39,587 86,170
Wheat:
2003........................................................ 5,749 8,295 103,418
2004........................................................ 5,440 9,569 55,725
2005........................................................ 3,596 8,464 17,571
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Generally, in those years in which market prices remain below the
CCC loan rate, there is a significantly greater use made of LDP's than
marketing assistance loans. However, as demonstrated by the issuance of
only 7 loan deficiency payments with respect to the 2003 crop of
soybeans, and the issuance of approximately 22,000 marketing assistance
loans, producers still avail themselves of the loan program for
financing purposes.
The CCC storage payment with respect to peanuts and upland cotton
pledged as collateral for marketing assistance loan programs encourages
the use of such loans instead of loan deficiency payments; thus, the
percentages of loan placements for these commodities are statistically
larger than for other commodities. Similarly, the use of commodity
certificates under section 166 of the Federal Agriculture Improvement
and Reform Act of 1996, as amended, (the 1996 Act) also encourages the
use of these loans in lieu of loan deficiency payments for several
reasons, further skewing the distribution of these benefits. The use of
these certificates by large marketing cooperatives facilitates the
repayment of marketing assistance loans because the benefits
attributable to the use of these certificates do not count against the
statutory payment limitation provisions of the Food Security Act of
1985, as amended, which would otherwise limit: (1) The amount of a gain
that a producer would be able to receive through a marketing assistance
loan; and (2) the amount of loan deficiency payments that would be made
to the producer. Thus, the number of warehouse-stored loans made with
respect to upland cotton and rice is greater, and the use of loan
deficiency payments less, than would otherwise be anticipated in the
absence of section 166 of the 1996 Act.
The manner in which agricultural commodities are marketed and used
has changed substantially since the enactment of the Agricultural Act
of 1949. Changes in commodity marketing and use have been driven in
part by the dramatic consolidation in farm operations since the middle
1900's. Advances in agronomics and technology, including biotechnology,
have allowed producers to significantly expand the sizes of their
operations and benefit from crop specialization and economies of scale.
Coincident to this have been structural changes in the livestock and
poultry feeding sectors and the remarkable growth in ethanol
production. These changes have pushed larger and larger quantities of
agricultural commodities into commercial marketing channels and away
from the primary on-farm uses of the early 1900's.
Based on the U.S. Census of Agriculture, the number of U.S. farms
dropped from 5.4 million in 1950 to 2.1 million in 2002. Much of the
loss in farm numbers, however, occurred by the mid-1970's. The 1974
Census of Agriculture reported 2.3 million farms. Despite the slowing
decline in farm numbers, the size of farm operations continues to grow.
In 1974, there were 32,752 farms with 1,000 acres or more land. In
2002, there were 176,990 farms with 1,000 acres of more land. The
number of farms with 2,000 acres or more increased more than 13 fold
during this time, going from only 5,862 farms in 1974 to 77,970 farms
in 2002.
Accompanying this consolidation in farm numbers and growth in farm
size has been a similarly dramatic consolidation in the livestock and
poultry feeding sectors. Based on the
[[Page 37860]]
U.S. Census of Agriculture, 3 out of every 4 farms had cattle and 1 out
of every 2 farms had hogs in 1950. In 2002, only 1 in every 2 farms had
cattle, and only 1 in every 25 had hogs. Numbers are just as dramatic
for poultry. In 1950, 4 of every 5 farms had chickens or turkeys. In
2002, only 1 out of every 14 farms had chickens or turkeys. The
consolidation of cattle, hog, and poultry feeding into fewer and larger
capital intensive operations has shifted feed use away from the farms
where grains and oilseeds are produced. This has left grain and oilseed
producers increasingly reliant on commercial grain marketing channels
as outlets for their production and sources of their revenue. These
structural changes have had a significant impact on the amount of grain
used on the farms where it is produced. During the 1949/50 marketing
year just more than half of all grain and oilseed (wheat, corn, barley,
oats, rye, sorghum, rice, and soybeans) production was consumed on the
same farms where it was produced. Since then, while production of these
commodities has increased more than three-fold, the amount used on the
same farm where it was produced has dropped by more than one-third. The
bulk of this decline in on-farm use reflects consolidation in livestock
and poultry feeding and specialization in grain and oilseed farming. It
also reflects the phenomenal expansion in fuel ethanol production which
has grown from a negligible share of domestic corn use in the 1970's to
more than 12 percent of domestic use during the 2004/05 marketing year.
Less significant, but also affecting this decline in on-farm use has
been the shift away from bin-run seed in the small grains and soybean
sectors as commercial seed varieties have become ever more dominant.
The decline in on-farm use has substantially increased the volume
of grain moving through commercial marketing channels. In the early
1950's, 50 percent of all grain and oilseed production was sold
commercially. In recent years, 90 percent of all grain and oilseed
production has been sold commercially. As on-farm use has fallen since
1949/50, the volume that is marketed commercially has increased six-
fold, twice the rate of increase in production.
CCC nonrecourse loan provisions have been modified over the years
to better reflect the needs of producers who must respond to these
changes in commodity marketing and use. Particularly important in this
regard has been the marketing assistance loan provisions that have
given CCC tools like alternative marketing loan repayment rates and the
LDP which have significantly reduced the quantity of loan collateral
forfeited to CCC. With greater ability to minimize forfeitures, CCC
inventories and quantities of grains and oilseeds otherwise controlled
by CCC have dramatically declined since the 1980's.
Producers who do not have storage facilities on their farms, and
who desire to obtain a marketing assistance loan, may deliver the
commodity to a CCC-approved warehouse and tender to CCC as collateral
for a loan a warehouse receipt that reflects the quantity and quality
of the commodity produced and delivered to such facility. Commodities
delivered to other non-CCC-approved warehouses and to facilities that
commingle the commodity with the commodities of other persons may not
be tendered to CCC as loan collateral, except as provided in section
1201(c) of the 2002 Act.
To be a CCC-approved warehouse the warehouse must enter into a CCC
storage agreement and meet certain financial requirements. This
agreement was required because, prior to authorization and use of
marketing assistance loans, in some years, producers tendered to CCC
over 75 percent of the annual production of some crops. If market
prices remained below the CCC loan rate, the producers would forfeit
the commodity to CCC. CCC required producers with warehouse-stored
loans to store the loan collateral in CCC-approved warehouses to
protect CCC's interest in the commodity by storing the commodity where
CCC could readily assume ownership. CCC takes title from a warehouse
according to its agreement upon maturity of the loan with no action
needed on the part of the producer. The warehouse receipt is simply
endorsed in blank to vest title in the holder, which is CCC. If a farm-
stored loan was involved, CCC would direct the producer to deliver the
commodity to a CCC-approved warehouse. Other statutes precluded the
sale of CCC-owned commodities unless market prices reached certain
levels, thus requiring CCC to own commodities for prolonged periods of
time. Thus, CCC was dependent upon commercial warehouses for the
storage of large quantities of grain, and, in the event of collateral
forfeiture, the approved warehouse could continue to store the
commodity for extended periods. CCC still requires the storage of its
loan collateral only in CCC-approved warehouses regardless of its
license status.
Proposed Changes
The first change proposed by this rule is that CCC will no longer
require a Federally-licensed warehouse operator also to maintain a CCC
storage agreement. With respect to warehouses licensed by USDA under
the United States Warehouse Act, the conditions that a warehouse
operator must meet for obtaining a Federal license exceed those that
must be met for obtaining a CCC storage agreement. While the CCC
storage agreement, unlike a Federal warehouse license, specifies
storage rates that CCC will pay in the unlikely event the commodity is
forfeited to CCC, CCC has maintained a policy since the late 1980's to
move commodities it obtains as forfeitures into the market place as
quickly as possible. Thus, minimal storage costs are incurred by CCC.
Accordingly, CCC has determined that requiring a Federally-licensed
warehouse operator to also maintain a CCC storage agreement provides no
additional protection to CCC's interests as a lender in the
administration of the marketing assistance loan programs and CCC will
no longer require such warehouse operators to also maintain a storage
agreement. CCC may, however, continue to utilize storage agreements in
those instances where it is engaged in the long-term storage of
commodities for use in CCC domestic and international feeding programs,
i.e. wheat stored under the Bill Emerson Humanitarian Trust.
Second, in a State with a warehouse licensing program, CCC will no
longer require the use of a CCC storage agreement for a State-licensed
warehouse. In such States, especially those with grain indemnity funds
that provide cash payments to depositors in the event of the insolvency
of the warehouse operator, CCC has adequate protection as a secured
lender. There are redundant costs to the warehouse operator in meeting,
and maintaining, compliance with both the State license and the CCC
storage agreement. Even without the storage agreement CCC will still
have clear title to the commodity in the event of the insolvency of the
warehouse operator. If the loan is repaid, CCC has no interest at
stake. Thus, for State-licensed warehouses, a CCC storage agreement
will not be required, except possibly in the case of the long term
storage of CCC-owned grain.
A small number of States do not have warehouse licensing programs.
In these States, warehouse operators must still comply with State laws
pertaining to storage and bailment. CCC will not require these entities
to execute a CCC
[[Page 37861]]
storage agreement before a producer may obtain a marketing assistance
loan with respect to commodities stored in such warehouse, but may
require that the warehouse be approved in advance by CCC as a location
where CCC loan collateral may be stored using the same general criteria
currently used in the administration of CCC storage agreements. In
making these determinations, CCC may require that the storing warehouse
meet certain financial requirements and that the structure in which the
commodity is stored meets conditions needed to protect CCC's interest
in these States. A list of approved warehouses may be obtained from FSA
State and county offices.
These changes will allow producers to obtain warehouse-stored loans
at all warehouses, both State and Federally-licensed, thus expanding
the amount of storage available for use by producers who wish to obtain
such loans. This is particularly beneficial since commercial warehouse
capacity has declined over the past 15 years while the amount of
commodities produced in that time has increased--9.4 billion bushels of
commercial storage available in the United States in 1990, compared to
8.5 billion in 2005. Production of wheat, corn, soybeans, rice, grain
sorghum, and barley during that same time increased from 13.9 billion
bushels to 17.3 billion bushels. Marketing patterns have changed during
this time, for example, many buyers have turned to a ``timed-to-
arrive'' basis and do not maintain large stocks of commodities at their
facilities. The proposed regulatory changes are intended to compliment
these changing patterns.
This proposed rule will have no impact on the administration of the
U.S. Warehouse Act.
Notice and Comment
Section 1601(c) of the 2002 Act provides that the regulations
needed to implement Title I of the 2002 Act, which include those
involved here, may be promulgated without regard to the notice and
comment provisions of 5 U.S.C. 553 or the Statement of Policy of the
Secretary of Agriculture effective July 24, 1971 relating to notices of
proposed rulemaking and public participation in rulemaking.
Executive Order 12866
This rule is issued in conformance with Executive Order 12866, was
determined to be not significant and has not been reviewed by the
Office of Management Budget.
Regulatory Flexibility Act
It has been determined that the Regulatory Flexibility Act is not
applicable to this rule because CCC is not required by 5 U.S.C. 533 or
any other law to publish a notice of proposed rulemaking for the
subject matter of this rule.
Environmental Assessment
The environmental impacts of this rule have been considered
consistent with the provisions of the National Environmental Policy Act
of 1969 (NEPA), 42 U.S.C. 4321 et seq., the regulations of the Council
on Environmental Quality (40 CFR parts 1500-1508), and the FSA
regulations for compliance with NEPA, 7 CFR part 799. FSA concluded
that the rule requires no further environmental review because it is
categorically excluded. No extraordinary circumstances or other
unforeseeable factors exist which would require preparation of an
environmental assessment or environmental impact statement.
Executive Order 12988
This rule has been reviewed in accordance with Executive Order
12988. This rule will preempt State laws that are inconsistent with it.
Before any legal action may be brought regarding a determination under
this rule, the administrative appeal provisions set forth at 7 CFR
parts 11 and 780 must be exhausted.
Executive Order 12372
This program is not subject to the provisions of Executive Order
12372, which require intergovernmental consultation with State and
local officials. See the notice related to 7 CFR part 3014, subpart V,
published at 48 FR 29115 (June 24, 1983).
Unfunded Mandates Reform Act of 1995
The rule contains no Federal mandates under the regulatory
provisions of Title II of the Unfunded Mandates Reform Act of 1995
(UMRA) for State, local, and tribal governments or the private sector.
Thus, this rule is not subject to the requirements of sections 202 and
205 of the UMRA.
Paperwork Reduction Act
Section 1601(c) of the 2002 Act provides that the promulgation of
regulations and the administration of Title I of the 2002 Act shall be
made without regard to chapter 5 of title 44 of the United States Code
(the Paperwork Reduction Act). Accordingly, these regulations and the
forms and other information collection activities needed to administer
the program authorized by these regulations are not subject to review
by OMB under the Paperwork Reduction Act.
Executive Order 12612
This rule does not have sufficient Federalism implications to
warrant the preparation of a Federalism Assessment. The provisions
contained in this rule will not have substantial direct effect on
States or their political subdivisions or on the distribution of power
and responsibilities among the various levels of government.
Government Paperwork Elimination Act
CCC is committed to compliance with the Government Paperwork
Elimination Act (GPEA) and the Freedom to E-File Act, which require
Government agencies in general and FSA in particular to provide the
public the option of submitting information or transacting business
electronically to the maximum extent possible. The forms and other
information collection activities required for participation in the
program are available electronically through the USDA eForms Web site
at http://www.sc.egov.usda.gov for downloading. The regulation is available at FSA's Price Support Division Internet site at http://
http://www.fsa.usda.gov/dafp/psd. Applications may be submitted at the FSA
county offices, by mail or by FAX. At this time, electronic submission
is not available. Full development of electronic submission is
underway.
Federal Assistance Programs
The title and number of the Federal assistance program found in the
Catalog of Federal Domestic Assistance to which this final rule applies
are: Commodity Loans and Loan Deficiency Payments, 10.051.
List of Subjects in 7 CFR Part 1421
Agricultural commodities, Feed grains, Grains, Loan programs-
agriculture, Oilseeds, Price support programs, Reporting and
recordkeeping requirements.
For the reasons set out in the preamble, 7 CFR part 1421 is amended
as follows:
PART 1421--GRAINS AND SIMILARLY HANDLED COMMODITIES--MARKETING
ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS FOR THE 2002 THROUGH
2007 CROP YEARS
1. The authority citation for part 1421 continues to read as
follows:
[[Page 37862]]
Authority: 7 U.S.C. 7231-7237 and 7931 et seq.; 15 U.S.C. 714b
and 714c.
Subpart A--General
2. Revise Sec. 1421.13 to read as follows:
Sec. 1421.13 Special marketing assistance loans and loan deficiency
payments.
(a) Commodities stored in an unapproved storage facility may be
pledged as collateral for a marketing assistance loan if the producer:
(1) Makes request of the marketing assistance loan and obtains the
commodity certificate to immediately exchange for the requested loan
collateral at the same time at the county office that, under part 718
of this title, is responsible for administering the programs for the
farm on which the commodity was produced.
(2) Submits the marketing assistance loan request and the commodity
certificate exchange before or on the date of delivery to the
unapproved facility.
(b) Eligible producers of hay and silage derived from an eligible
loan commodity as provided in Sec. 1421.5 are eligible to request hay
and silage quantities for a loan deficiency payment in accordance with
Sec. 1421.200.
Subpart B--Marketing Assistance Loans
3. Revise Sec. 1421.103(c) to read as follows:
Sec. 1421.103 Approved storage.
* * * * *
(c)(1) Approved warehouse storage consists of warehouses that are:
(i) If Federally-licensed, in compliance with 7 CFR part 735; or
(ii) If not Federally-licensed, in compliance with State laws and
is a warehouse that issues a warehouse receipt that meets the criteria
set forth in Sec. 1421.107.
(2) CCC may, on a case-by-case basis, require a warehouse operator
that is not Federally-or State-licensed to enter into an agreement with
CCC that sets forth requirements to adequately protect CCC's security
interest in commodities pledged as collateral for a loan in accordance
with this part.
4. Remove Sec. Sec. 1421.5551 through 1421.5559.
Signed in Washington, DC, on June 16, 2006.
Thomas B. Hofeller,
Acting Executive Vice President, Commodity Credit Corporation.
[FR Doc. E6-10368 Filed 6-30-06; 8:45 am]
BILLING CODE 3410-05-P