A bill to amend the Agricultural Act of 1949 to remove the authority of the Secretary of Agriculture to reduce the soybean loan rate for crop years 1986 and 1987 and to require the Secretary to implement a marketing loan or a producer option payment program for soybeans for such crop years.

Amends the Agricultural Act of 1949 to repeal the Secretary of Agriculture's authority to reduce the soybean loan rate.

Provides, with regard to the 1986 and 1987 soybean crops, that unless a producer option payment plan is in effect the Secretary shall permit loan repayments at the lesser of the loan level or the prevailing world market price.

Authorizes the Secretary to implement a producer option payment program for the 1986 and 1987 soybean crops.