1. Short title This Act may be cited as the Sugar Policy Modernization Act of 2017 . 2. Sugar program (a) Loan rates Section 156 of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7272 ) is amended by striking subsections (a) and (b) and inserting the following new subsections: (a) Sugarcane The Secretary shall make loans available to processors of domestically grown sugarcane at a rate equal to— (1) 18.75 cents per pound for raw cane sugar for the 2018 crop year; (2) 18.50 cents per pound for raw cane sugar for the 2019 crop year; (3) 18.25 cents per pound for raw cane sugar for the 2020 crop year; and (4) 18.00 cents per pound for raw cane sugar for the 2021 through 2023 crop years. (b) Sugar beets The Secretary shall make loans available to processors of domestically grown sugar beets at a rate equal to 128.5 percent of the loan rate per pound of raw cane sugar for the applicable crop year under subsection (a) for each of the 2018 through 2023 crop years. . (b) Avoiding forfeitures while ensuring adequate supplies at reasonable prices Section 156(f) of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7272(f) ) is amended— (1) in the subsection heading, by inserting While Ensuring Adequate Supplies at Reasonable Prices after Forfeitures ; and (2) in paragraph (1), by inserting ensure adequate supplies of sugar at reasonable prices and after shall . (c) Assurance of no net cost and means for recovery of net costs Section 156(f) of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7272(f) ) is further amended by adding at the end the following new paragraph: (3) Assurance of no net cost