Emergency Drought Relief Act of 1998

[AI summary unavailable — showing source text] Emergency Drought Relief Act of 1998 - Amends the Agricultural Market Transition Act to eliminate marketing assistance loan rate caps for wheat, corn and feed grains, upland and extra long staple cotton, and oilseeds. Authorizes the Secretary of Agriculture to (temporarily) provide cost-share assistance for crop and livestock producers performing certain drought alleviation projects. Makes such assistance available retroactively to eligible projects begun as of January 1, 1998. Amends the Consolidated Farm and Rural Development Act to authorize: (1) emergency loans based upon estimated losses; and (2) emergency loan interest deferral.…