Peanut and Rice Act

Peanut and Rice Act - Title I: Peanuts - Directs the Secretary of Agriculture to establish for each of the 1974 through 1977 crops of peanuts a national acreage allotment which shall be the number of acres the Secretary determines, on the basis of the estimated national average yield, will produce an amount of peanuts equal to the estimated domestic consumption and exports (less imports) of peanuts for the marketing year beginning in the year in which the crop is to be produced, adjusted as the Secretary determines necessary to maintain adequate supplies or to prevent excessive carryover stocks.

Provides that the Secretary shall allocate the national acreage allotment to States, counties, and farms on the basis of the peanut allotments established for the preceding crop, adjusted to the extent deemed necessary to establish a fair and equitable apportionment base for each State, county, and farm.

States that the Secretary shall make available to cooperators loans and purchases on each of the 1974 through 1977 crops of peanuts at such level as will reflect, at average location in the United States, 90 percent of the estimated average world price for peanuts in the marketing year for which the determination is being made, adjusted in such amount as the Secretary determines necessary.

Requires the Secretary to provide for a set-aside of cropland if he determines that the total supply of peanuts or other agricultural commodities will likely be excessive.

Permits the Secretary to make land diversion payments, to producers on a farm who, devote to approved conservation uses an acreage of cropland on the farm in addition to that required to be devoted under this Act.

Title II: Rice - Directs the Secretary to establish for each of the 1974 through 1977 crops of rice a national acreage allotment which shall be the number of acres which the Secretary determines on the basis of the estimated national average yield for the crop for which the determination is being made will produce and amount of rice equal to the estimated domestic consumption and exports (less imports) of rice for the marketing year beginning in the year in which the crop is to be produced, adjusted as the Secretary determines necessary to maintain adequate supplies or to prevent excessive carryover stocks.

Provides that the Secretary shall allocate the national acreage allotment to States, counties, farms, and in producer States and administrative areas, to producers on the basis of the rice allotments established for the preceding crops, adjusted to the extent deemed necessary to establish a fair and equitable apportionment base for each State, county, farm, and producer.

States that the Secretary shall make available to cooperators loans and purchases on each of the 1974 through 1977 crops of rice at such level, reflecting, at average locations in the United States, 90 percent of the estimated average world price of the commodity in the marketing year for which the determination is being made, adjusted in such amount as the Secretary determines necessary.

Requires the Secretary to provide for a set-aside of cropland if he determines that the total supply of rice or other agricultural commodities will likely be excessive.

Permits the Secretary to make land diversion payments to producers on a farm who, devote to approved conservation uses an acreage of cropland on the farm in addition to that required to be devoted under this Act.

Title III: Miscellaneous - Sets forth various conforming amendments.