Peanut and Rice Act

[AI summary unavailable — showing source text] Peanut and Rice Act - Title I: Peanuts - Directs the Secretary of Agriculture to establish for each of the 1974 through 1977 crops of peanuts a national acreage allotment which shall be the number of acres the Secretary determines, on the basis of the estimated national average yield, will produce an amount of peanuts equal to the estimated domestic consumption and exports (less imports) of peanuts for the marketing year beginning in the year in which the crop is to be produced, adjusted as the Secretary determines necessary to maintain adequate supplies or to prevent excessive carryover stocks. Provides that the Secretary shall allocate the national acreage allotment to States, counties, and farms on the basis of the peanut allotments established for the preceding crop, adjusted to the extent deemed necessary to establish a fair and equitable apportionment base for each State, county, and farm. States that the Secretary shall make available to cooperators loans and purchases on each of the 1974 through 1977 crops of peanuts at such level as will reflect, at average location in the United States, 90 percent of the estimated average world price for peanuts in the marketing year for …