A bill to adjust target prices, loan and purchase levels on the 1975 crops of upland cotton, corn, wheat and soybeans, to provide price support for milk at 85 percent of parity with quarterly adjustments for the period ending March 31, 1976.

(Conference report filed in House, H. Rept. 94-152)

Provides that the target prices for the 1975 crops of upland cotton and wheat shall be 45 cents per pound and $3.10 per bushel, respectively; and that the loan levels for the 1975 crops of upland cotton and wheat shall be 38 cents per pound and $2.50 per bushel, respectively.

Provides that the rate of interest on commodity loans made by the Commodity Credit Corporation for the 1975 crops shall be established quarterly on the basis of the lowest current interest rate on ordinary obligations of the United States.

States that the nonrecourse loan period for the 1975 crop of upland cotton (presently 10 months) would be made available for an additional term of eight months at the option of the cooperator; and that nonrecourse loans for the 1975 crops of wheat and corn shall be made available for a term not less than 19 months from the first day of the month in which the loans are made.

Directs a study to be made by the Department of Agriculture with respect to the terms and conditions relative to storage costs for all commodities for which loans are made.

Requires that a 1975 loan and purchase program be made available to producers of soybeans at a level reflecting the average relationship of soybean support levels to corn support levels during the immediately preceding three crop years.

Requires, effective with the period beginning on the date of enactment and ending March 31, 1976, that the support price of manufacturing milk be established at not less than 80 percent of the parity price.

Provides that quarterly adjustments reflecting any "estimated" change in the costs of production are to be announced not later than 30 days prior to the beginning of each quarter.