Family Farm Protection Act

Family Farm Protection Act - Title I: Wheat - Amends the Agricultural Act of 1949 to replace the current system of price supports for wheat with a system of nonrecourse loans and equity payments for the 1990 through 1995 crop years.

Directs the Secretary of Agriculture to make available to producers nonrecourse loans for each of the 1990 through 1995 crops of wheat at a level of $1.60 per bushel. Provides for upward adjustment of such loan level for the 1992 crop years and following years.

Directs the Secretary for such crop years to make equity payment to eligible producers. Sets the payment rate at $1.31 per bushel, adjusted downward annually until it reaches 50 percent for the 1995 crop.

Prohibits the Secretary from requiring participation in any production adjustment program for wheat as a condition of eligibility for such loans or payments. Permits the Secretary to make land diversion payments to wheat producers in certain circumstances.

Specifies general safeguards the Secretary must provide tenants and sharecroppers.

Makes certain Federal law requirements inapplicable to wheat crops under this title. Suspends certain marketing quota and producer certificate provisions of specified Federal law.

Title II: Feed Grains - Replaces the current system of price supports for feed grains with a system of nonrecourse loans and equity payments for the 1990 through 1995 crops of feed grains. Sets forth provisions similar to those for wheat under title I. Sets the nonrecourse loan rate for corn at $1.30 per bushel and the equity payment rate at $1.04 per bushel, with annual downward adjustments of the payment rate until it reaches 50 percent for the 1995 crop.

Title III: Cotton - Replaces the current system of price supports for cotton with a system of nonrecourse loans and equity payments for the 1990 through 1995 crops. Sets forth provisions similar to those for wheat and feed grains. Sets the nonrecourse loan rate at $.45 per pound and the equity payment rate at $.208 per pound, adjusted downward annually until it reaches 50 percent in 1995.

Title IV: Rice - Replaces the current price support program for rice with a system of nonrecourse loans and equity payments for the 1990 through 1995 rice crops. Sets forth provisions similar to those for wheat, feed grains, and cotton. Sets the nonrecourse loan rate at $4.50 per hundredweight and the equity payment rate at $4.38 per hundredweight, adjusted downward annually until it reaches 50 percent.

Title V: Soybeans and Sunflowers - Establishes a system of support prices for soybeans and sunflowers for the 1990 through 1995 crops. Sets forth provisions similar to those for wheat, feed grains, cotton, and rice. Sets the price support of soybeans at $3.50 per bushel and the equity payment rate at $.80, adjusted downward annually until it reaches zero. Directs the Secretary to set the price support and equity payment rate for sunflowers taking into account specified considerations. Requires annual downward adjustment of the equity payment rate for sunflowers until it reaches zero.

Title VI: General Commodity Provisions - Limits to $200,000 (currently $250,000) the total payments a person is entitled to receive for all crops produced during a crop year. Sets forth a payment limit schedule, with successive ten percent reductions for each $50,000 credited.

Establishes a schedule of permitted plantings for nonprogram crops, beginning with zero for the 1990 crop years and rising to 50 percent for the 1995 crop years.

Sets forth conditions for land diversion payments.

Prohibits the Commodity Credit Corporation (CCC) from selling any basic or nonbasic agricultural commodity until its market price equals at least 125 percent of the current price support. Requires the CCC to cease selling when the market price drops below 125 percent of the current price support.

Requires the Secretary to ensure that net farm income under the new farm program established under this Act equals or exceeds net farm income under the old farm program.

Title VII: Trade - Amends the Food Security Act of 1985 to repeal authority to export bulk commodities through the Export Enhancement Program (EEP).

Extends through FY 1995 the Secretary's authority to use agricultural commodities to expand export markets. Decreases from $1,500,000,000 to $250,000,000 the maximum value of the commodities so used.

Extends through FY 1995 the export credit guarantee program. Reduces from $5,000,000,000 to $1,000,000,000 the minimum amount of credit guarantees made available under such program.