A bill to amend and extend the Agricultural Act of 1970.

[AI summary unavailable — showing source text] Extends various programs under the Agriculture Act of 1970, as amended by the Agriculture and the Consumer Protection Act of 1973, through 1981, 1982, or 1984. Continues the price support programs for wheat, feed grains, cotton, wool, soybeans and dairy products through 1981. Increases the minimum support and loan levels for wheat to $2.25 per bushel and for feed grains to $1.87 per bushel, plus handling costs. Sets the support level for milk at 80 percent of parity and the loan level for cotton at 38 cents per pound. Revises the formula for support payments for each crop to reflect established prices of: (1) $3.10 per bushel of wheat; (2) $2.25 per bushel of each feed grain; and (3) 48 cents per pound of cotton. Increases the limit on payments under the wheat, feed grain and cotton programs for the 1974 through 1981 crops to $30,000. Sets a five percent maximum interest rate for wheat, feed grains and cotton loans and allows the producer-borrower to specify any loan period not exceeding five years. Requires the Secretary of Agriculture to pay 50 percent of the storage costs incurred by any producer under the price support programs. Directs the Secretary to give wheat and feed grai…