A bill to amend the Agricultural Act of 1949 for the purpose of providing extended periods for the repayment of nonrecourse loans made under title I of such act with respect to wheat and feed grains.

Directs the Secretary of Agriculture, under the Agricultural Act of 1949, to provide in the case of wheat and feed grain loans that the borrower may extend the period of repayment, at the end of the initial eleven-month period, for an additional twelve months. Permits another twelve-month extension at the end of the first extension. Stipulates that if the market price of the commodity concerned is more than 75 percent of parity, the further extension must be with the Secretary's consent.

Requires the Secretary, during any repayment extension period, to pay the storage costs of the commodity and to charge no interest on the loan during such extension.

Prohibits any sale of wheat or feed grain by the Commodity Credit Corporation for less than 150 percent of the current loan level for such commodity. Exempts from such prohibition commodities in specified conditions or earmarked for specified uses.