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Target price: Price levels established by past law
for wheat, corn, grain sorghum, barley, oats, rice, and upland cotton. Prior to
1996, farmers participating in annual federal commodity programs
received deficiency payments based on the
difference between the target price and the higher of the national market price
during a specified time period, or the nonrecourse loan
rate. The FAIR Act of 1996 eliminated target
prices and replaced deficiency payments with fixed production
flexibility contract payments through 2002.
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