Federal Food Reserve Act

[AI summary unavailable — showing source text] Federal Food Reserve Act - Authorizes the Secretary of Agriculture to establish, maintain, and rotate stocks in a food reserve of inventories of wheat, feed grains, and soybeans. Requires the reserve to include at least three hundred million bushels of wheat; twenty five million tons of feed grains, and one hundred million bushels of soybeans. States that the reserve shall be established by: (1) offering to producers who have eligible commodities under Commodity Credit Corporation loans an opportunity to extend the loans for a period of two years, and having such commodities held in producer-owned facilities, and earning storage at rates comparable to those paid for storage in commercial facilities; (2) setting aside from Commodity Credit Corporation-owned stocks quantities to be identified and held as reserves; and (3) purchasing in the open market at prices no less than the current price-support loan rates and no higher than the prevailing market prices, as determined by the Secretary. Provides that except when a state of emergency has been proclaimed by the President, or by a resolution of Congress, the Secretary shall offer any commodity in the reserve for sale at any time at t…