A resolution expressing the sense of the Senate that emergency action should be taken by the President and the Secretary of Agriculture to bolster the farm economy.

Declares the sense of the Senate that the President and the Secretary of Agriculture should exercise the broad authority vested in them under the Food and Agriculture Act of 1977 and other statutes to increase farm income. Urges action: (1) to institute voluntary land diversion programs for 1978 for wheat, feed grains, and upland cotton; (2) to establish price support loan rates for the 1978 crops of wheat, feed grains, and soybeans at levels substantially above the rates in effect for 1977; (3) to establish a price support loan rate for the 1978 crop of peanuts at a level not less than the minimum level required for quota peanuts; and (4) to formulate and implement a program for the expansion of export sales of American agricultural commodities, including increased sales under the Agricultural Trade Development and Assistance Act of 1954 (Public Law 480).