Peanut, Rice, and Extra Long Staple Cotton Act

[AI summary unavailable — showing source text] Peanut, Rice, and Extra Long Staple Cotton 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 and allocate such allotment to States, counties, and farms. Provides that if no acreage is planted to peanuts for any three consecutive crop years on any farm which had an acreage allotment, such farm shall lose its acreage allotment, except if (1) the producer elects not to receive payments for the portion of the farm allotment not planted; or (2) the Secretary determines that because of natural disaster, or a condition beyond the control of the producer, the farm acreage allotment in a county cannot be timely planted. Directs the Secretary to make available to cooperators loans and purchases on each of the 1974 through 1977 crops of peanuts at a level which reflects 90 per cent of the estimated average adjusted world price for peanuts. States that the Secretary shall provide for a set-aside of cropland if the supply of peanuts or other agricultural commodities will be excessive. Authorizes the Secretary to make land diversion payments to producers on a farm who, devote to approved cons…