A bill to assure adequate supplies of peanuts and the products thereof to meet the food needs of consumers at reasonable prices.

Amends the Agricultural Adjustment Act of 1938 to assure adequate supplies of peanuts for 1982 through 1985. Eliminates the national quota proclamation by the Secretary of Agriculture and eliminates his ability to apportion among the counties of a state allotments for the harvesting of peanuts.

Provides formulas to determine farm yield, farm base production poundage and farm poundage quotas.

Allows the Commodity Credit Corporation to make peanuts, received under loan agreements, available for domestic edible use. Requires the price to cover all costs involved in the peanut production including 100 percent of the loan value or in certain circumstances over 105 per cent of the loan value.

Provides further price supports for peanut crops from 1982 to 1985. Allows the Secretary of Agriculture to make loans, purchases or other operations on quota and additional peanuts for the 1982 through 1985 crops. Makes the quota support rate reflect the national average costs of production.