Emergency Agricultural Assistance Act of 2002

Emergency Agricultural Assistance Act of 2002 - Directs the Secretary of Agriculture to provide market loss assistance payments to owners and producers on a farm that are eligible for a final FY 2002 production flexibility contract payment.

Directs the Secretary to provide assistance for: (1) soybeans and oilseeds; (2) quota or additional peanuts; (3) honey (loans); (4) wool and mohair; (5) cottonseed; (6) specialty crops, including school nutrition program commodities; (7) pulse crops (chickpeas, lentils, dry peas); and (8) tobacco.

Amends the Federal Agriculture Improvement and Reform Act of 1996 to extend loan deficiency payment eligibility through crop year 2002 for contract commodity producers who are not eligible for marketing assistance loans.

Directs the Secretary to make payments in lieu of loan deficiency payments for crop year 2002 to producers who: (1) elect to use wheat, grain sorghum, barley, or oats acreage for livestock grazing; and (2) agree to forgo any other harvesting of such crops on such acreage. States that such acreage shall be ineligible for Federal crop insurance.

Amends the Agricultural Market Transition Act to extend milk price supports.

Directs the Secretary to provide livestock feed assistance to producers affected by 2001 or 2002 disasters.

Increases crop year 2002 payment limitations respecting loan deficiency payments and marketing assistance loans for oilseeds and contract commodities.

States that funds shall be obligated and expended only during FY 2002 (with specified exceptions) to carry out this Act and its amendments.