Peanut Act

Peanut Act - Provides, under the Agricultural Adjustment Act of 1938, that the farm yield in the case of peanuts for each farm for which a farm acreage allotment has been established, shall be determined on the basis of the actual yield per harvested acre during the three calendar years immediately preceding the year in which such farm yield is determined, with specified exceptions for drought, flood, or conditions beyond the control of the producer. Directs the Secretary of Agriculture to establish a national acreage allotment for peanuts by calendar year.

States that a farm marketing quota shall be determined for each farm for which a farm peanut acreage allotment is established by multiplying the farm acreage allotment by the farm yeild.

Provides that all persons who purchase peanuts from producers or from associations of producers shall pay not less than the net support price established under the Agricultural Act of 1949 for such peanuts based on whether the peanuts acquired were within-quota peanuts or excess peanuts, and subject to differentials for grades, type, quality, segregation, location, and other factors.

Provides for the retention of peanuts as seed and for the marketing of excess peanuts.

States that each person handling peanuts is required to keep accurate records and make reports of all within-quota and excess peanuts acquired and disposed of by him including the quantities by grade, kernel content, and quality.

Provides, effective for the 1976 and 1977 crops of peanuts, that: (1) the Secretary shall make available to producers loans and purchases on within-quota peanuts at a net level of not less than 70 percent of the parity price as of April 1, 1976, for the 1976 crops; (2) the Secretary shall make available to producers loans and purchases on excess peanuts for each crop at not more than 60 percent of the loan and purchase level for within-quota peanuts or 90 percent of the world market price for the marketing year of the crop as estimated by the Commodity Credit Corporation, whichever is the lower; and (3) the Commodity Credit Corporation shall make warehouse storage loans available in each of the producing areas to a cooperative marketing association selected by the Corporation.