A bill to amend the Agricultural Act of 1949 to provide for producer-approved wheat and feed grain referenda for the 1987 through 1990 crops of such commodities.

Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to conduct a referendum of wheat and feed grains producers every two years to determine whether they favor the national marketing certificate program proposed by this Act. Sets forth the eligibility requirements for voting in such referendum. Provides that if the marketing certificate programs are not approved by such producers, the Secretary shall provide loans, purchases, payments, and other assistance.

Describes the operation of the national marketing certificate program for wheat, if approved. Sets forth the method for determining the amount of loans and purchases which will be available to wheat producers. Requires loans and purchases to be a level which will maintain the competitive relationship of wheat to other grains. States that the level of wheat loans and purchases for the 1987 through 1990 marketing years may not be established at less than $4.50 per bushel. Allows the Secretary to make such certificates available to importers of wheat.

Provides that a marketing certificate shall authorize the producer or importer to market, barter, or donate an amount of wheat equal to the amount of the certificate. States that wheat accompanied by a marketing certificate that is sold or transferred for export shall be eligible for an export incentive payment. Allows the Secretary to provide incentive payments for domestically marketed, bartered, or donated wheat if necessary to assure that wheat remains competitive in the domestic market. Allows excess wheat to be used on farms, transferred for export, or held over to the succeeding marketing year and marketed under a certificate for such year. Prohibits the transfer of marketing certificates.

Describes the operation of the national marketing certificate program for feed grains. Sets forth the method for determining the amount of loans and purchases which will be available to feed grains producers. Requires loans and purchases to be at a level which will maintain the competitive relationship of corn to other grains. States that the level of corn loans and purchases for the 1987 through 1990 marketing years may not be established at less than $3.25 per bushel. Provides loans and purchases for other feed grains at levels in relation to that of corn. Allows the Secretary to make such certificates available to importers of feed grains.

Provides that a marketing certificate shall authorize the producer or importer to market, barter, or donate an amount of feed grain equal to the amount of the certificate. States that feed grain accompanied by a marketing certificate that is sold or transferred for export shall be eligible for an export incentive payment. Allows the Secretary to provide incentive payments for domestically marketed, bartered, or donated feed grains if necessary to assure that such feed grains remain competitive in the domestic market. Allows excess feed grains to be used on the farms, transferred for export, or held over to the succeeding marketing year and marketed under a certificate for such year. Prohibits the transfer of marketing certificates.

Permits the imposition of penalties, at the discretion of the Secretary, for noncompliance with this Act. Prohibits wheat or feed grain producers from adjusting their crop acreage bases.

Directs the Secretary to advise the President on the need to impose fees or quantitative limitations on articles that may be imported. Directs the Secretary to provide export incentives to reduce world price levels if necessary.