; or (2) the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section. (c) Repayment rates for extra long staple cotton Repayment of a marketing assistance loan for extra long staple cotton shall be at the loan rate established for the commodity under section 202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7283 )). (d) Prevailing world market price For purposes of this section and section 207, the Secretary shall prescribe by regulation— (1) a formula to determine the prevailing world market price for each of upland cotton, long grain rice, and medium grain rice; and (2) a mechanism by which the Secretary shall announce periodically those prevailing world market prices. (e) Adjustment of prevailing world market price for upland cotton, long grain rice, and medium grain rice (1) Rice The prevailing world market price for long grain rice and medium grain rice determined under subsection (d) shall be adjusted to United States quality and location. (2) Cotton The prevailing world market price for upland cotton determined under subsection (d)— (A) shall be adjusted to United States quality and location, with the adjustment to include— (i) a reduction equal to any United States Premium Factor for upland cotton of a quality higher than Middling (M) 1 3/32 -inch; and (ii) the average costs to market the commodity, including average transportation costs, as determined by the Secretary; and (B) may be further adjusted, during the period beginning on the date of enactment of this Act and ending on July 31, 2025, if the Secretary determines the adjustment is necessary— (i) to minimize potential loan forfeitures; (ii) to minimize the accumulation of stocks of upland cotton by the Federal Government; (iii) to ensure that upland cotton produced in the United States can be marketed freely and competitively, both domestically and internationally