A bill to provide for quarterly adjustments in the support price for milk.

Amends the Agricultural Act of 1949 to establish the support price of milk at not less than 80 percent of the parity price and to provide for quarterly adjustments of the support price by the Secretary of Agriculture to reflect the change in the index of prices paid by farmers for production items, interest, taxes, and wage rates. Directs that such adjustments shall not result in a support price which is less than 80 percent of the parity price.

Provides that such adjustment authority shall expire on March 31, 1978.