Agricultural Surplus Commodity Reduction Act of 1987

Agricultural Surplus Commodity Reduction Act of 1987 - Title I: Wheat - Subtitle A: Marketing Quotas - Amends the Agricultural Adjustment Act of 1938, effective for the 1988 through 1990 wheat crops, to direct the Secretary of Agriculture to proclaim national marketing quotas for wheat: (1) for each of the 1988 through 1990 marketing years by May 15, 1987; and (2) for each of the 1991 through 1993 marketing years by April 15, 1990, if 1988 through 1990 marketing quotas are approved by referendum as provided for by this Act.

Bases the national quota on domestic and export requirements, emergency food aid needs, and adequate carryover stocks.

Bases farm marketing quotas on the 1981 through 1985 plantings. Subjects producers and purchasers of excess marketed wheat to specified fines and criminal penalties. Sets forth the conditions under which such penalties shall be applied.

Permits excess wheat to be stored and marketed in succeeding years under specified conditions.

Provides that: (1) if national marketing quotas are proclaimed the Secretary shall conduct a referendum to determine whether eligible producers favor or oppose marketing quotas (in lieu of target prices and deficiency payments); and (2) if more than 50 percent of such producers approve the quotas, they shall become effective for the marketing quota period.

Prohibits the transfer of farm marketing quotas except that the Secretary may reallocate surrendered quotas.

Subtitle B: Loan Rates for the 1988 through 1993 Crops of Wheat - Sets 1988 through 1993 wheat loan rates at $4.65 per bushel.

Authorizes prevented planting disaster payments.

Amends the Food Security Wheat Reserve Act of 1980 to extend the wheat reserve program through 1993.

Title II: Feed Grains - Amends the Food Security Act of 1985, effective for the 1987 through 1990 feed grain crops, to exclude land diversion payments from the $50,000 payment limitation.

Amends the Agricultural Act of 1949 to make the deficiency payment date the end of the fifth month of the marketing period.

Title III: Oats - Amends the Agricultural Act of 1949, effective for the 1988 through 1990 wheat and feed grain crops, to permit excess oats to be planted on highly erodible land without the loss of 1987 wheat and feed grain benefits.

Title IV: Soybeans - Amends the Agricultural Act of 1949, effective for the 1988 through 1990 soybean crops, to: (1) set loan rates at $4.77 per bushel; and (2) require a marketing loan program (which currently is merely authorized).

Title V: Export Enhancement - Amends the Food Security Act of 1985 to extend the export enhancement program through FY 1993.

Title VI: Availability of Surplus Agricultural Stocks for Liquid Fuels and Ethanol Production - Amends the Agricultural Act of 1949 to require that at least $30,000,000 of Commodity Credit Corporation surplus grain be made available for each of FY 1988 through 1990 for ethanol and liquid fuel industrial development.