Peanut Act

[AI summary unavailable — showing source text] Peanut Act - Provides, under the Agricultural Adjustment Act of 1938, for a national acreage allotment of not less than 1,247,000 acres for the 1977 crop of peanuts. States that the farm yield for such crop shall be determined on a basis equal to 96 percent of the average actual yield per acre on the farm for the three highest yield years out of the five years preceding the year such yield determination is made. Provides that if peanuts were not produced on such farm in at least three years of such five-year period, the Secretary of Agriculture shall have a yield appraised at 90 percent of the yields established for similar farms. Establishes a farm marketing quota for such peanut crop equal to the quantity determined by multiplying the farm peanut acreage allotment by the farm yield. Sets forth economic penalties for the marketing of non-quota peanuts or the marketing of peanuts in a larger quantity or higher grade or quality than could reasonably be produced from the quantity of peanuts or the grade acquired by handlers for marketing. States that only quota peanuts may be retained for use as seed on a farm and when so retained shall be considered as marketings of quota peanuts. R…