(a) Effective reference price.—Section 1111(8)(B)(ii) of the Agricultural Act of 2014 (7 U.S.C. 9011(8)(B)(ii)) is amended by striking “85” and inserting “beginning with the crop year 2025, 88”.
(b) Reference price.—Section 1111 of the Agricultural Act of 2014 (7 U.S.C. 9011) is amended by striking paragraph (19) and inserting the following:
“(19) REFERENCE PRICE.—
“(A) IN GENERAL.—Effective beginning with the 2025 crop year, subject to subparagraphs (B) and (C), the term ‘reference price’, with respect to a covered commodity for a crop year, means the following:
“(i) For wheat, $6.35 per bushel.
“(ii) For corn, $4.10 per bushel.
“(iii) For grain sorghum, $4.40 per bushel.
“(iv) For barley, $5.45 per bushel.
“(v) For oats, $2.65 per bushel.
“(vi) For long grain rice, $16.90 per hundredweight.
“(vii) For medium grain rice, $16.90 per hundredweight.
“(viii) For soybeans, $10.00 per bushel.
“(ix) For other oilseeds, $23.75 per hundredweight.
“(x) For peanuts, $630.00 per ton.
“(xi) For dry peas, $13.10 per hundredweight.
“(xii) For lentils, $23.75 per hundredweight.
“(xiii) For small chickpeas, $22.65 per hundredweight.
“(xiv) For large chickpeas, $25.65 per hundredweight.
“(xv) For seed cotton, $0.42 per pound.
“(B) EFFECTIVENESS.—Effective beginning with the 2031 crop year, the reference prices defined in subparagraph (A) with respect to a covered commodity shall equal the reference price in the previous crop year multiplied by 1.005.
“(C) LIMITATION.—In no case shall a reference price for a covered commodity exceed 113 percent of the reference price for such covered commodity listed in subparagraph (A).”.