Wheat and Feed Grain Marketing Certificate Referendum Act of 1987

Wheat and Feed Grain Marketing Certificate Referendum Act of 1987 - Amends the Agricultural Act of 1949, effective for the 1988 through 1991 wheat and feed grain crops, to direct the Secretary of Agriculture to conduct biennial referendums among eligible wheat and feed grain producers to determine whether they favor or oppose a national marketing certificate program (program) as provided for in this Act.

States that if a program is approved for the 1988 crop year, the Secretary shall compensate producers who planted a crop in excess of their program acreage prior to the proclamation of such program.

Permits livestock and poultry producers to purchase Commodity Credit Corporation (CCC) feed grain at cost if a program is in effect.

Sets forth the specifics of the wheat and feed grain programs. Provides for farm loans and purchases equal to the crop acreage times the program yield. Sets forth minimum loan levels.

Provides that marketing certificates shall be made available on the same amount of crop for which loans and purchases would be made available.

Prohibits a producer from marketing, donating, or bartering wheat or feed grains domestically without such certificate, except for: (1) on-farm use; or (2) export. Makes exports accompanied by a certificate eligible for export incentive payments.

Permits excess crops to be marketed in the succeeding year if not otherwise in excess of permitted certificate amounts for such year.

Prohibits the transfer of certificates unless accompanying marketed, bartered, or donated crops.

Makes a producer who fails to comply with program terms ineligible for loans, purchases, or payments under such Act.

Imposes a civil penalty or acreage reduction penalty on a producer who markets: (1) in excess of permitted certificate amounts; or (2) without a certificate. Imposes a civil penalty on a person who knowingly purchases or acquires such excess amounts.

Authorizes the Secretary to reduce or waive such penalties as appropriate. Provides that collected penalties shall be deposited with the CCC.