Peanut Act

[AI summary unavailable — showing source text] Peanut Act - Provides, under the Agricultural Adjustment Act of 1938, that the farm yield in the case of peanuts for each farm for which a farm acreage allotment has been established, shall be determined on the basis of the actual yield per harvested acre during the three calendar years immediately preceding the year in which such farm yield is determined, with specified exceptions for drought, flood, or conditions beyond the control of the producer. States that a farm marketing quota shall be determined for each farm for which a farm peanut acreage allotment is established by multiplying the farm acreage allotment by the farm yield. Provides that all persons who purchase peanuts from producers or from associations of producers shall pay not less than the net support price established under the Agricultural Act of 1949 for such peanuts based on whether the peanuts acquired were within-quota peanuts or excess peanuts, and subject to differentials for grades, type, quality, segregation, location, and other factors. Provides for the retention of peanuts as seed and for the marketing of excess peanuts. States that each person handling peanuts is required to keep accurate records and ma…