A bill to update the upland cotton allotment system.

[AI summary unavailable — showing source text] Amends the Agricultural Act of 1949 to specify a new formula for prevented planting disaster payments to cotton producers. Requires such payment on the smaller of (1) the acreage intended to be planted to cotton, or (2) the acreage planted to cotton for harvest (including any acreage which the producers were prevented from planting to cotton or other nonconserving crop in lieu of cotton) in the immediately preceding year multiplied by 75 percent of the program yield established by the Secretary of Agriculture for the farm for the current year times a payment rate equal to 33 1/3 percent of the established price for the crop. Specifies a new formula for cotton farm disaster payments, such that, when the total quantity of cotton producers can harvest on a farm is less than the product of 75 percent of the established program yield times the acreage planted to harvest, the payment rate shall be 33 1/3 percent of the established price for the crop for the deficiency below 75 percent for the crop. States that compensation for disaster losses shall not be regarded as price support payments. Directs the Secretary to establish a national program acreage for each of the 1978 through 1981 cr…