An original bill to provide emergency relief to farmers in disaster and emergency areas with respect to repayment schedules on certain plans.

Amends the Emergency Livestock Credit Act of 1974 to direct the Secretary of Agriculture, with respect to emergency livestock loans guaranteed under such Act, to encourage lenders to modify their repayment schedules for such loans to allow up to a two-year grace period on principal repayment for borrowers whose livestock operations are in localities designated as major disaster or emergency areas during 1976 or 1977.

Amends the Consolidated Farm and Rural Development Act to authorize the Secretary, with respect to farm ownership loans, operating loans, or emergency loans made under such Act to modify the repayment schedule on such loans by allowing up to a two-year grace period on principal and interest payments for borrowers whose farming, ranching, or aquaculture operations are in localities designated as major disaster or emergency areas during 1976, 1977, or 1978.

Amends the Agricultural Act of 1970 to authorize the Secretary to acquire hay for inclusion in the disaster reserve created under the Agricultural Act of 1970 and to purchase the hay and other commodities in such reserve through the Commodity Credit Corporation.