A bill to provide flexibility in administration of the dairy price support program to forestall further increases in retail and wholesale dairy prices as a result of price support operations, to avoid unnecessary government acquisitions of surplus dairy products, thus reducing costs to the taxpayer, and to preserve the integrity of the dairy price support program.

Amends the Agricultural Act of 1949 to authorize the Secretary of Agriculture to continue current price support levels for milk or to modify any increase in such levels which might otherwise be required when the quantity of dairy products acquired by the Commodity Credit Corporation exceeds the quantity of products sold by a specified amount.

Fixes the level of price supports for milk at the beginning of any marketing year at not less than 75 percent of the parity price.