(a) Loan rate modifications.—Section 156 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7272) is amended—
(1) in subsection (a)—
(A) in paragraph (4), by striking “and” at the end;
(B) in paragraph (5), by striking “2023 crop years.” and inserting “2024 crop years; and”; and
(C) by adding at the end the following:
“(6) 24.00 cents per pound for raw cane sugar for each of the 2025 through 2031 crop years.”;
(2) in subsection (b)—
(A) in paragraph (1), by striking “and” at the end;
(B) in paragraph (2), by striking “2023 crop years.” and inserting “2024 crop years; and”; and
(C) by adding at the end the following:
“(3) a rate that is equal to 136.55 percent of the loan rate per pound of raw cane sugar under subsection (a)(6) for each of the 2025 through 2031 crop years.”; and
(3) in subsection (i), by striking “2023” and inserting “2031”.
(b) Adjustments to Commodity Credit Corporation storage rates.—Section 167 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7287) is amended—
(1) by striking subsection (a) and inserting the following:
“(a) In general.—For the 2025 crop year and each subsequent crop year, the Commodity Credit Corporation shall establish rates for the storage of forfeited sugar in an amount that is not less than—
“(1) in the case of refined sugar, 34 cents per hundredweight per month; and
“(2) in the case of raw cane sugar, 27 cents per hundredweight per month.”; and
(2) in subsection (b)—
(A) in the subsection heading, by striking “Subsequent” and inserting “Prior”; and
(B) by striking “and subsequent” and inserting “through 2024”.
(c) Modernizing beet sugar allotments.—
(1) SUGAR ESTIMATES.—Section 359b(a)(1) of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1359bb(a)(1)) is amended by striking “2023” and inserting “2031”.
(2) ALLOCATION TO PROCESSORS.—Section 359c(g)(2) of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1359cc(g)(2)) is amended—
(A) by striking “In the case” and inserting the following:
“(A) IN GENERAL.—Except as provided in subparagraph (B), in the case”; and
(B) by adding at the end the following:
“(B) EXCEPTION.—If the Secretary makes an upward adjustment under paragraph (1)(A), in adjusting allocations among beet sugar processors, the Secretary shall give priority to beet sugar processors with available sugar.”.
(3) TIMING OF REASSIGNMENT.—Section 359e(b)(2) of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1359ee(b)(2)) is amended—
(A) by redesignating subparagraphs (A) through (C) as clauses (i) through (iii), respectively, and indenting appropriately;
(B) in the matter preceding clause (i) (as so redesignated), by striking “If the Secretary” and inserting the following:
“(A) IN GENERAL.—If the Secretary”; and
(C) by adding at the end the following:
“(B) TIMING.—In carrying out subparagraph (A), the Secretary shall—
“(i) make an initial determination based on the World Agricultural Supply and Demand Estimates approved by the World Agricultural Outlook Board for January that shall be applicable to the crop year for which allotments are required; and
“(ii) provide for an initial reassignment under subparagraph (A)(i) not later than 30 days after the date on which the World Agricultural Supply and Demand Estimates described in clause (i) is released.”.
(d) Reallocations of tariff-rate quota shortfall.—Section 359k of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1359kk) is amended by adding at the end the following:
“(c) Reallocation.—
“(1) INITIAL REALLOCATION.—Subject to paragraph (3), following the establishment of the tariff-rate quotas under subsection (a) for a quota year, the Secretary shall—
“(A) determine which countries do not intend to fulfill their allocation for the quota year; and
“(B) reallocate any forecasted shortfall in the fulfillment of the tariff-rate quotas as soon as practicable.
“(2) SUBSEQUENT REALLOCATION.—Subject to paragraph (3), not later than March 1 of a quota year, the Secretary shall reallocate any additional forecasted shortfall in the fulfillment of the tariff-rate quotas for raw cane sugar established under subsection (a)(1) for that quota year.
“(3) CESSATION OF EFFECTIVENESS.—Paragraphs (1) and (2) shall cease to be in effect if—
“(A) the Agreement Suspending the Countervailing Duty Investigation on Sugar from Mexico, signed December 19, 2014, is terminated; and
“(B) no countervailing duty order under subtitle A of title VII of the Tariff Act of 1930 (19 U.S.C. 1671 et seq.) is in effect with respect to sugar from Mexico.
“(d) Refined sugar.—
“(1) DEFINITION OF DOMESTIC SUGAR INDUSTRY.—In this subsection, the term ‘domestic sugar industry’ means domestic—
“(A) sugar beet producers and processors;
“(B) producers and processors of sugar cane; and
“(C) refiners of raw cane sugar.
“(2) STUDY REQUIRED.—
“(A) IN GENERAL.—Not later than 180 days after the date of enactment of this subsection, the Secretary shall conduct a study on whether the establishment of additional terms and conditions with respect to refined sugar imports is necessary and appropriate.
“(B) ELEMENTS.—In conducting the study under subparagraph (A), the Secretary shall examine the following:
“(i) The need for—
“(I) defining ‘refined sugar’ as having a minimum polarization of 99.8 degrees or higher;
“(II) establishing a standard for color- or reflectance-based units for refined sugar such as those utilized by the International Commission of Uniform Methods of Sugar Analysis;
“(III) prescribing specifications for packaging type for refined sugar;
“(IV) prescribing specifications for transportation modes for refined sugar;
“(V) requiring evidence that sugar imported as refined sugar will not undergo further refining in the United States;
“(VI) prescribing appropriate terms and conditions to avoid unlawful sugar imports; and
“(VII) establishing other definitions, terms and conditions, or other requirements.
“(ii) The potential impact of modifications described in each of subclauses (I) through (VII) of clause (i) on the domestic sugar industry.
“(iii) Whether, based on the needs described in clause (i) and the impact described in clause (ii), the establishment of additional terms and conditions is appropriate.
“(C) CONSULTATION.—In conducting the study under subparagraph (A), the Secretary shall consult with representatives of the domestic sugar industry and users of refined sugar.
“(D) REPORT.—Not later than 1 year after the date of enactment of this subsection, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that describes the findings of the study conducted under subparagraph (A).
“(3) ESTABLISHMENT OF ADDITIONAL TERMS AND CONDITIONS PERMITTED.—
“(A) IN GENERAL.—Based on the findings in the report submitted under paragraph (2)(D), and after providing notice to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate, the Secretary may issue regulations in accordance with subparagraph (B) to establish additional terms and conditions with respect to refined sugar imports that are necessary and appropriate.
“(B) PROMULGATION OF REGULATIONS.—The Secretary may issue regulations under subparagraph (A) if the regulations—
“(i) do not have an adverse impact on the domestic sugar industry; and
“(ii) are consistent with the requirements of this part, section 156 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7272), and obligations under international trade agreements that have been approved by Congress.”.
(e) Clarification of tariff-rate quota adjustments.—Section 359k(b)(1) of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1359kk(b)(1)) is amended, in the matter preceding subparagraph (A), by striking “if there is an” and inserting “for the sole purpose of responding directly to an”.
(f) Period of effectiveness.—Section 359l(a) of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1359ll(a)) is amended by striking “2023” and inserting “2031”.