Agricultural Act - Amends the Agricultural Act of 1949 to grant the Secretary of Agriculture authority to upwardly adjust the loan level for any crop of upland cotton, as necessary to assure cooperators adequate price support.
Amends the Agricultural Act of 1949 to set the established price for the 1978 crop of upland cotton at 60 cents per pound.
Increases the minimum loan levels for the 1978 crop of corn from $2.00 per bushel to 2.20 per bushel. Increases the 1978 established price per bushel of corn from $2.10 to $2.30.
Increases the minimum loan levels for the 1978 crop of wheat from $2.35 per bushel to $2.50. Increases the 1978 established price per bushel of wheat from $3.05 to $3.40.
Sets the effective date of this Act at October 1, 1978. Permits producers receiving loans and payments on 1978 crops prior to such date to elect to receive loans and payments as computed under this Act.
Introduced in Senate
Referred to Senate Committee on Agriculture, Nutrition and Forestry.
Reported to Senate from the Committee on Agriculture, Nutrition and Forestry with amendment, S. Rept. 95-878.
Reported to Senate from the Committee on Agriculture, Nutrition and Forestry with amendment, S. Rept. 95-878.
Measure indefinitely postponed in Senate.
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