Emergency Agricultural Act

Emergency Agricultural Act - Amends the Agricultural Act of 1949 to increase the 1978 loan level for wheat from $2.35 to $2.50 per bushel (and the minimum level from $2.00 to $2.25), and to increase the established price from $3.00 to $3.40. Increases the 1978 loan level for feed grains from $2.00 to $2.15 per bushel ( and the minimum level from $1.75 to $1.85), and increases the established price from $2.00 to $2.45. Sets the minimum loan level for cotton at $.46 per pound, and the established price at $.60 per pound. Sets the established prices for the 1979 through 1981 crops of wheat, feed grains, and cotton at the established prices for the previous year's crops adjusted to reflect any changes in the Consumer Price Index.

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