A bill to amend the Agricultural Act of 1949 to authorize the Secretary of Agriculture to purchase dairy cows and heifers for certain purposes, to increase the milk price support rate and provide an offset, and for other purposes.

Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to purchase a sufficient number of dairy cows and heifers to make specified reductions in U.S. milk production without adversely affecting U.S. beef prices. Authorizes the Secretary to: (1) make domestic beef purchases as necessary; and (2) transfer such beef for use in specified overseas emergencies.

Directs the Secretary to establish a compensation fund for beef producers who sold beef during the period of March 31, 1986, through April 11, 1986, when prices were temporarily lowered. Transfers unused funds to the Department of State for migration and refugee assistance.

Terminates program authority on December 31, 1991.

Increases milk price support levels.

Directs the Secretary to conduct a study of dairy cow and heifer export programs.