A bill to provide emergency assistance to producers who suffer loss of feed grain production due to disastrous drought conditions in 1977.

Amends the Agricultural Act of 1949 to extend specified provisions of such Act through the 1981 crops of feed grains.

Raises the loan level for corn to $1.75 per bushel for the 1977 crop and to $2.00 per bushel for each of the 1978 through 1981 crops. Replaces the established price with a target price and sets such target price of corn at $1.85 per bushel for the 1977 crop, at $2.10 per bushel for 1978, and for the 1979 through 1981 crops at the previous year's target price, adjusted to reflect changes in the average adjusted cost of production over the previous two to four years.

Substitutes, for the existing specified formulae for the determination of feed grain acreage allotments, a single general formula based on an allocation factor found by dividing the announced national feed grain acreage allotment by the number of harvested acres. Multiplies the allocation factor by the acreage of feed grain harvested on the farm in the current crop year to determine each farm's allotment. Specifies formulae for the determination of disaster and prevented planting payments.