Cotton, Rice, and Sugar Act of 1985

[AI summary unavailable — showing source text] Cotton, Rice, and Sugar Act of 1985 - Title I: Cotton - Suspends specified base acreage allotment, marketing quota, and related provisions under the Agricultural Adjustment Act of 1938 for the 1986 through 1989 upland cotton crops. Amends the Agricultural Act of 1949 to set upland cotton loan rates at the lower of: (1) 85 percent of the average U.S. spot market price (weighted by market and month) for the preceding five years, excluding the high and low years. Stipulates that: (1) loan levels shall not be less than 95 percent of the preceding crop's level; and (2) loan levels may be reduced by up to 15 percent in order to assist U.S. upland cotton exports and avoid excess domestic stocks. Requires the Secretary to announce loan levels by November 1. Directs the President to establish a special limited global import quota for upland cotton if average spot prices exceed specified levels. Sets 1986 target prices at not less than 1985 levels. Sets 1987 through 1989 target prices at not less than 90 percent of the U.S. average cost of production for the three preceding years. Stipulates that such price may not be less than 95 percent of the preceding year's price. Authorizes target pric…