Omnibus Budget Reconciliation Act of 1987

[AI summary unavailable — showing source text] Budget Reconciliation Act of 1987 - Title I: Committee on Agriculture - Subtitle A: Farm Program Revisions - Amends the Agricultural Act of 1949 to provide advance deficiency payments for wheat and feed grains at a 30 percent payment rate, and for cotton and rice at a 20 percent payment rate. Directs that 1,000,000,000 bushels of Commodity Credit Corporation (CCC) surplus stocks be sold on a bid basis for nontraditional uses by the end of FY 1990. Requires a report to the appropriate congressional committees. Amends the Agricultural Act of 1949 to limit the maximum permitted oats acreage limitation to five percent of base acreage. Directs the Secretary of Agriculture to: (1) estimate 1987 wheat, oats, and barley deficiency payments by December 1, 1987, and make 75 percent of such payments available upon producer request; and (2) estimate 1988 corn and grain sorghum deficiency payments by March 1, 1989, and make 75 percent of such payments available upon producer request. Subtitle B: Optional Acreage Diversion Act of 1987 - Optional Acreage Diversion Act of 1987 - Amends the Agricultural Act of 1949, effective for the 1988 through 1990 wheat and feed grain crops, to permit producers…