Emergency Farm Act

[AI summary unavailable — showing source text] Emergency Farm Act - Amends the Agricultural Act of 1949 to set the established price for the 1978 crops of wheat, corn, cotton, and soybeans at 100 percent of the cost of production. Defines the "cost of production" as the total of the major cost components, including the land resource, in a unit of production of a commodity as projected by the Department of Agriculture for the year and locality in which the crop is produced. Directs the Secretary of Agriculture to announce a 20 percent cropland set-aside for the 1978 crops of wheat, corn, and cotton.…