Food and Agriculture Act

[AI summary unavailable — showing source text] Food and Agriculture Act - Title I: Loan Rate and Price Support - Increases the minimum price supports for wheat, corn, cotton, and milk, providing a minimum price of $3.79 per bushel for wheat, $2.51 per bushel for corn, 68 cents per pound for cotton, and a support level of 90 percent of parity for milk. Title II: Purchase of Animal and Animal Food Products - Authorizes and directs the Secretary of Agriculture, during the year 1975, beginning on the date of enactment of this Act, to expend not less than $1,000,000,000 nor more than $2,000,000,000 for the purchase of livestock and meat products for use in domestic and foreign food assistance programs. Title III: Agricultural Commodity Reserve - Authorizes and directs the Secretary to establish and maintain a reserve of wheat, feed grains, cotton, and soybeans. Provides that the reserve inventories shall contain not more than 500,000,000 bushels of wheat; 40,000,000 tons of feed grains; 4,000,000 bales of cotton; and 200,000,000 bushels of soybeans. States that, except when a state of emergency has been proclaimed by the President or by concurrent resolution of Congress declaring that such reserve inventories should not be sold, the…