Emergency Agricultural Act

Emergency Agricultural Act - Amends the Agricultural Act of 1949, with respect to 1978 crops only, to direct the Secretary of Agriculture, through the Commodity Credit Corporation, to make payments to cotton, feed grains, soybean, and wheat producers for setting aside acreage to approved conservation uses in addition to required set-asides. Requires a minimum acreage set-aside, under this program, of: (1) 15 million acres for wheat; (2) 10 million acres for feed grains; and (3) 3 million acres each for cotton and soybeans. Authorizes additional payments for set-aside acreage opened to the general public for hunting, trapping, fishing, and hiking.

Requires the Secretary to make up to 50 percent of any such payment immediately, in advance of determination of performance.

Amends the Commodity Credit Corporation Charter Act to increase the Corporation's borrowing authority from $14,500,000,000 to $25,000,000,000.

Amends the Consolidated Farm and Rural Development Act to make private domestic corporations and partnerships controlled by farmers and ranchers, and engaged primarily in farming or ranching, eligible for real estate and operating loans.

Increases the maximum allowable total principal indebtedness for real estate loans which may be outstanding by any one borrower to $200,000, or $300,000 in the case of a guaranteed loan.

Increases the amount of indebtedness which may be outstanding for operating loans for an individual from $50,000 to $100,000 or in the case of a guaranteed loan, $200,000.