Grain Quality Incentive Act of 1987

Grain Quality Incentive Act of 1987 - Directs the Secretary of Agriculture to establish a Grain Advisory Committee to develop economic incentives to improve grain quality. Requires the Secretary to solicit recommendations from the Committee for developing a method of providing Commodity Credit Corporation bonuses in the form of payment-in-kind commodity certificates to producers and exporters to: (1) encourage the delivery, storage, and export of high quality, clean grain that is pledged as collateral for Corporation loans or exported; and (2) offer incentives to minimize poor quality in grain lots pledged as collateral or exported.

Directs the Administrator of the Federal Grain Inspection Service to revise grain standards to define a bushel solely on the basis of dry matter.

Requires the Secretary to direct the Administrator to conduct a study of the need for changes in grain standards and to implement revised standards that provide the economic incentives to deliver clean grain.

Directs the Secretary to conduct a research program to improve grain quality measurements to more accurately reflect the value of grain for end-users. Requires that such program take into account end-use factors such as the breakage susceptibility of corn, the protein content of wheat, and the free-fatty acid content of soybeans, and include a cost evaluation for providing such measurements.

Requires the Secretary to report to the Congress within one year on actions taken to implement each of the preceding provisions.