A bill to amend section 103(f) of the Agricultural Act of 1949 in order to establish a minimum loan rate for the 1980 and 1981 crops of upland cotton, a diversion program for the 1979 crop of upland cotton, and a waiver of certain cross-compliance requirements for disaster payments for the 1978 crop of upland cotton.

Amends the Agricultural Act of 1949 to establish the crop production loan level for the 1980 and 1981 crops of upland cotton at not less than the loan level established for the 1979 crop.

Makes eligible for 1978 crop disaster payments certain cotton producers who where otherwise eligible for such payments, but who were deemed ineligible for failure to comply with the set-aside requirement of the 1978 crop feed grain program. Conditions such special eligibility on a determination that any such producer planted his 1978 crop of feed grains prior to the official announcement of the 1978 set-aside requirement and notice that eligibility for 1978 crop cotton payments and loans would be conditioned on compliance with such set-aside requirement.

Directs the Secretary of Agriculture to make available a voluntary diversion program for the 1979 crop of upland cotton of payments for the reduction of cotton acreage by not less than ten percent nor more than 20 percent of the 1978 cotton acreage considered planted on the farm (including diverted acreage).