Farm Program Improvements Act of 1986

Farm Program Improvements Act of 1986 - Amends the Agricultural Act of 1949 to permit agricultural price support loan repayments for the 1987 crops of wheat and feed grains at the lesser of the original level or current regional or State daily average market prices.

Provides that for the 1987 wheat crop: (1) the established price shall not be less than $4.40 per bushel for the first 15,000 bushels of a person's production, and $4.00 for each additional bushel; and (2) such payments shall not be made to any producer with a wheat acreage base of less than 15 acres.

Provides that for the 1987 corn crop: (1) the established price shall not be less than $3.05 per bushel for the first 30,000 bushels of a person's production, and $2.75 per bushel for each additional bushel; and (2) such payments shall not be made to any producer with a feed grain acreage base for each commodity of less than 15 acres.