A bill to amend the Agricultural Act of 1949 to increase the loan rates and target prices for the 1979 crop of wheat, feed grains, cotton and peanuts, and for other purposes.

Amends the Agricultural Act of 1949: (1) to prohibit the Secretary of Agriculture from providing for the redemption of stored wheat and feed grains loans unless the market price for such commodities is not less than 80 percent of parity; (2) to prohibit the Secretary from calling such loans unless the market price for wheat and feed grains is at least 85 percent of parity; and (3) to prohibit the Commodity Credit Corporation from selling its stocks of wheat and feed grains for less than 100 percent of parity.

Sets the crop production loan rate for the 1979 crops of: (1) upland cotton at 55 cents per pound; (2) wheat at $2.57 per bushel; (3) corn at $2.19 per bushel; (4) grain sorghum at $3.71 per hundredweight; and (5) peanuts at $459 per ton.

Sets the established prices for the 1979 crops of: (1) upland cotton at 61.74 cents per pound; (2) wheat at $3.64 per bushel; (3) corn at $2.35 per bushel; and (4) grain sorghum at $4.39 per bushel. States that the established prices for subsequent crops of such commodities shall be determined without reference to the established prices of the 1979 crops.

Directs the Secretary to require a 30 percent acreage set-aside as a condition of eligibility for cotton and feed grain price supports.