To provide for a gradual reduction in the loan rate for peanuts, to repeal peanut quotas for the 2002 and subsequent crops, and to make nonrecourse loans available for peanut producers.

[AI summary unavailable — showing source text] Amends the Agricultural Market Transition Act to: (1) reduce the loan rate for quota peanuts by specified amounts through crop year 2001; and (2) eliminate peanut price supports as of crop year 2002. Amends: (1) the Agricultural Adjustment Act of 1938 to eliminate peanut marketing quota provisions as of crop year 2002; and (2) the Agricultural Act of 1949 to make conforming amendments. Prohibits the Secretary of Agriculture (Secretary) from providing any subsequent peanut price supports. Directs the Secretary to make nonrecourse loans and loan deficiency payments available to peanut producers beginning with crop year 2002. Sets forth: (1) loan rate, term, and repayment provisions; and (2) deficiency computation provisions.…