Peanut Act

Peanut Act -- Amends the Agricultural Adjustment Act of 1938 to establish: (1) the national marketing quota for the 1978 crop of peanuts at a quantity sufficient to provide a national acreage allotment equal to the national acreage allotment for the 1977 crop, reduced by not more than ten percent; and (2) the national marketing quota for the 1979, 1980, and 1981 crops at a quantity sufficient to provide a national acreage allotment equal to the preceding year, reduced in each crop year by not more than five percent of the national acreage allotment for the preceding year.

Directs the Secretary of Agriculture to allow free transfer of all or any part of any such allotment. Sets the price support of peanuts at 70 percent of parity as of April 1, 1978, for the 1978 crop, and at the same level, adjusted, for the 1979, 1980, and 1981 crops. Directs the Commodity Credit Corporation to make warehouse storage loans available to approved designated area marketing associations of peanut producers.