Emergency Agricultural Act

Emergency Agricultural Act - Amends the Agricultural Act of 1949 to increase the 1978 loan level for wheat from $2.35 to $2.50 per bushel (and the minimum level from $2.00 to $2.25), and to increase the established price from $3.00 to $3.50. Increases the 1978 loan level for feed grains from $2.00 to $2.10 per bushel (and the minimum level from $1.75 to $1.85), and increases the established price from $2.00 to $2.40. Sets the 1978 minimum loan level for cotton at $.48 per pound, and the established price at $.60 per pound. Sets the established prices for the 1979 through 1981 crops of wheat, feed grains, and cotton at the established prices for the previous year's crop adjusted to reflect any change in the Consumer Price Index.

Directs the Secretary of Agriculture, through the Commodity Credit Corporation, to make payments to producers of the 1978 crops only of cotton, feed grains, soybeans, and wheat for setting aside acreage to approved conservation uses in addition to required set-asides. Requires a set-aside amount up to 10 percent of the acreage of such crop planted for harvest in 1978. Permits the production of hay on wheat acreage set-aside under specified disaster conditions.

Amends the Commodity Credit Corporation Charter Act to increase the Corporation's borrowing authority from $14,500,000,000 to $25,000,000,000.