A bill to extend and amend the Food and Agriculture Act of 1977 for the purpose of assuring adequate supplies of upland cotton and its products to meet food and fiber needs of consumers at reasonable prices.

Makes price support, marketing quota, base acreage allotment, and related provisions of the Agricultural Adjustment Act of 1938 inapplicable to the 1982 through 1985 crops of upland cotton.

Amends the Agricultural Act of 1949 to: (1) extend the nonrecourse loan program through 1985; (2) revise the standard for determining cotton loan levels (from Strict Middling one and one-sixteenth inch to Middling one and three-thirty seconds inch cotton C.I.F. Northern Europe); and (3) raise the minimum loan level from 48 cents to 55 cents per pound.

Declares that any upland cotton imported during a special import quota period shall be duty-free.

Extends the disaster payment program for cotton through 1985. Denies eligibility for such payments to any person in a county in which crop insurance is generally offered.

Changes the deadline for announcement of the national program acreage from December 15 to November 1. Authorizes the Secretary of Agriculture to limit, on a uniform basis to all cotton-producing farms, the acreage planted to cotton if the Secretary determines that the total supply will otherwise likely be excessive. Directs the Secretary to require acreage set-asides only if such acreage limitations are in effect (currently, the Secretary must require set-asides upon determining the likelihood of an excessive supply.) Eliminates compliance with the set-aside program as a condition for loan eligibility. Directs the Secretary to delegate to State and county committees his present authority to make loans, purchases, and payments with respect to a non-complying producer on an equitable basis in relation to the seriousness of default. Prohibits the making of regulations which condition loans and payments on cross-compliance and offsetting-compliance procedures.

Directs the Secretary to make available recourse loans on seed cotton to encourage and assist producers in orderly ginning and marketing.

Extends through July 31. 1986 the Commodity Credit Corporation's present authority to sell upland cotton at not less than 115 percent of the loan rate.

States that the permanent State, county, and farm base acreage allotments for the 1977 crop of upland cotton, as adjusted for under plantings in 1977, shall again become effective as preliminary allotments for the 1986 crop.

Requires the Secretary to carry out a special price support or loan program through the Commodity Credit Corporation whenever the Executive Branch of the Federal Government suspends, for any reason other than a national emergency, the commercial export sales of upland cotton to any country or area with which the United States otherwise continues commercial trade. Limits such programs to instances where the country or area in question imported more than three percent of total cotton exports in the two years preceding such suspension. Prescribes formulae to assure producers, through payments or interest free loans, the export prices they would have received in the absence of such suspension. Directs the Secretary, through the Corporation, to compensate U.S. firms for losses incurred with respect to cotton and cotton product sales contracts canceled due to such suspension.

Directs the Secretary to establish in the Corporation a revolving fund for financing export credit sales of cotton in accordance with GSM-5 (42 FR 10999). Requires the Secretary to provide for, and credit to such fund, all repayments on export sales of cotton made under GSM-5.