A bill to adjust the target prices for the 1979 and 1980 crops of wheat and feed grains; to extend the disaster payment program for the 1980 and 1981 crops of wheat, feed grains, upland cotton, and rice; and to authorize the Secretary of Agriculture to require that producers of wheat, feed grains, upland cotton, and rice not exceed the normal crop acreage for the 1980 and 1981 crops.

[AI summary unavailable — showing source text] Amends the Agricultural Act of 1949 to set the established price for wheat at $3.63 per bushel for the 1979 crop and at $4.08 per bushel for the 1980 crop. Sets the established price for corn at $2.35 per bushel for the 1979 crop and at $2.64 per bushel for the 1980 crop. Declares that the payment rate for grain sorghums and barley shall be such rate as the Secretary of Agriculture determines fair and reasonable in relation to the payment rate for corn. Amends the Agricultural Act of 1949 to extend to the 1980 and 1981 crops of wheat, feed grains, upland cotton, and rice, the farm and prevented planting disaster payment programs. Denies eligibility for such payments to anyone electing to be covered by crop insurance paid for in part by the Federal Crop Insurance Corporation. Requires the Secretary to notify producers of such commodities of their right to elect between disaster payments and crop insurance coverage. Authorizes the Secretary to require, as a condition of eligibility for specified loans, purchases, and payments, that producers of wheat, feed grains, upland cotton, and rice not exceed the normal crop acreage for the 1980 and 1981 crops adjusted to be fair and equitable …