H.R. 2043 — Agricultural Commodities Price Enhancement Act

This section increases the statutory reference prices used to calculate effective reference prices and determine Price Loss Coverage (PLC) payments for wheat, corn, soybeans, peanuts, and seed cotton to the following amounts (from prior amounts): (1) wheat, to $6.50 per bushel (from $5.50); (2) corn, to $4.20 per bushel (from $3.70); (3) soybeans, to $10.00 per bushel (from $8.40); (4) peanuts, to $635 per ton (from $535); and (5) seed cotton, to $0.45 per pound (from $0.367). (As background, the PLC program provides payments to producers of covered commodities on base acres when the effective price for a crop year is below the effective reference price, which is the lesser of 115% of the statutory reference price or the greater of the statutory reference price or 85% of the 5-year national average price, excluding highest and lowest years.)