A bill to change target and loan prices on upland cotton.

[AI summary unavailable — showing source text] Amends the Agricultural Act of 1949 to change the formula for the nonrecourse loan level for cotton, and authorizes the Secretary of Agriculture, in specified circumstances, to adjust the loan rate calculated on the basis of the United States market price to as much as 90 percent of the C.I.F. Northern European average price. Sets a minimum loan level for the 1978 crop of upland cotton at $.50 per pound. Increases the minimum established price for the 1978 through 1981 crops from $.52 to $.60 per pound.…