; and (B) for corn, $3.30 per bushel. (2) Effect Nothing in this subsection authorizes any nonrecourse marketing assistance loan under this subtitle for seed cotton. . 1202. Repayment rates for upland cotton, long grain rice, and medium grain rice (a) In general Section 1204 of the Agricultural Act of 2014 ( 7 U.S.C. 9034 ) is amended— (1) in subsection (b), in the matter preceding paragraph (1), by inserting (subject to subsection (j)) after section 1201 for upland cotton ; and (2) in subsection (d)— (A) by redesignating paragraph (2) as paragraph (3); and (B) by inserting after paragraph (1) the following: (2) a formula to determine the prevailing world market price for upland cotton that, during any period which price quotations for Middling (M) one and three-thirty-second inch cotton are available, is based on the average of the 3 lowest-priced growths that are quoted; and . (b) Flexibility for seasonal loan redemptions Section 1204 of the Agricultural Act of 2014 ( 7 U.S.C. 9034 ) is further amended by adding at the end the following: (j) Reimbursement for upland cotton In the case of a marketing assistance loan under section 1201 for upland cotton that is repaid by a producer on or after the date of the enactment of this subsection, the Secretary shall provide a reimbursement to such producer in an amount equal to the difference obtained by subtracting— (1) the amount the producer would have paid under such loan using the lowest prevailing world market price during the 30-day period beginning on the date on which such loan was repaid, from (2) the amount repaid by the producer. . 1203. Repayment rates for extra long staple cotton Section 1204 of the Agricultural Act of 2014 ( 7 U.S.C. 9034 ) is further amended— (1) in subsection (c)— (A) by striking shall be at the and inserting the following: shall be the lesser of— (1) the ; (B) by striking the period at the end and inserting ; or