A bill to extend the Rice Production Act of 1975 through the 1981 crops of rice.

Extends the provisions of the Rice Production Act of 1975 from the 1977 through the 1981 crop year.

States that for the 1978, 1979, 1980, and 1981 crops: (1) the established price for each such rice crop shall be the established price for the crop immediately preceding the crop for which the price is established, adjusted in each year to reflect any changes in the index of prices paid by farmers for specified items; and (2) the loan rate for each such crop shall be established at such rate as bears the same ratio to the loan rate for the preceding year's as the established price for each such crop bears to the established price for the preceding year's crop.