Agriculture and Consumer Protection and Reserve Act

[AI summary unavailable — showing source text] Agriculture and Consumer Protection and Reserve Act - Title I: Extends the Agriculture Act, as amended by the Agriculture and Consumer Protection Act, for the 1978 through 1981 crop years. Changes the loan rate for the 1977 through 1981 crops of feed grains, cotton, wheat and soybeans from 80 to 90 percent of the average price farmers received in the United States during the marketing years for the preceding three crops of each commodity. Stipulates conditions under which the Commodity Credit Corporation may dispose of commodities for which loan levels are established pursuant to this Act. Title II: Requires the Secretary of Agriculture to establish a separate reserve of inventories of wheat, feed grains, and soybeans. Authorizes the Secretary to dispose of commodities in such reserves for use: (1) in relieving distress in areas affected by acute unemployment, major disaster, or civil defense emergency; and (2) in assisting in the preservation and maintenance of foundation herds of cattle, sheep and goats.…