Agricultural Programs Improvement Act of 1986

Agricultural Programs Improvement Act of 1986 - Amends the Agricultural Act of 1949 to set loan and target price supports for the 1987 through 1990 wheat and feed grain crops at 1985 levels. Provides, with regard to such crops, for: (1) mandatory loan deficiency payment and marketing loan programs; (2) a marketing loan price floor at 65 percent of the loan rate; and (3) export marketing certificate programs if marketing loan repayment rates exceed world prices.

Sets loan and target price supports for the 1987 through 1990 cotton crops at 1985 levels. Sets the marketing loan price floor at 75 percent of the loan rate. Makes loan deficiency payments mandatory.

Sets loan and target price supports for the 1987 through 1990 rice crops at 1985 levels. Sets marketing loan price floors at 45 percent for 1987, 55 percent in 1988, and 65 percent in 1989 and 1990. Makes loan deficiency payments mandatory.

Maintains soybean price supports at current levels through 1990. Requires the implementation of either a marketing loan or a producer option payment plan.

Makes advance recourse commodity loans mandatory.

Provides that crop acreage bases shall be based on the previous five crop years, excluding (up to three years) those years in which crops were not planted or considered planted.

Sets forth a farm program payment yield formula.