An Act to provide emergency assistance to producers of wheat, feed grains, and upland cotton, and for other purposes.

Emergency Agricultural Act - =Title I: Price Support for Producers of Wheat, Feed Grains, and Upland Cotton= - Amends the Food and Agriculture Act of 1977 authorizing the Secretary of Agriculture to increase the established price for wheat, feed grains, and upland cotton to compensate producers for participation in a set-aside for one or more of the 1978 through 1981 crops of such commodities. Permits the Secretary, if the target price is increased for any commodity a set-aside is in effect, to increase the established price for any other commodity. Requires the Secretary to adjust any increase in the target price to reflect any land diversion payments for the crop for which an increase is determined.

Authorizes the Secretary, upon presentation of warehouse receipts reflecting accrued storage charges of not more than 60 days, to make available for the 1978 through 1981 crops of upland cotton nonrecourse loans to cooperators. Provides that the loan rate be determined by a computation of 85 percent of the United States spot market averages, using three out of the last five years, dropping the highest and lowest years. States that the Northern European price quotation would be determined by a computation of a 90 percent measurement of a 15 week period, July 1 through October 15 (rather than a two week period, October 1 through October 15). Makes the domestic spot market computation the loan level when it is smaller than the Northern European computation. Gives the Secretary the option of adjusting the loan rate upward if the Northern European computation is the lower of the two, not to exceed the domestic spot computation. Stipulates that the loan rate in no event be less than 48 cents per pound for each of the 1978 through 1981 crops.

Provides that the increase in the loan level for upland cotton and the authority to increase target prices become effective October 1, 1978. Permits any producer who receives loans and payments prior to October 1, 1978, on the 1978 crop of the commodity, to receive loans and payments as computed by this Act after September 30, 1978.

=Title II: Agricultural Commodities Utilization Program= - Authorizes the Secretary to permit all or any part of the acreage set aside or diverted from the production of a commodity for any crop year to be devoted to the production of any commodity (other than the one for which acreage is being set aside or diverted) for conversion into industrial hydrocarbons or other fossil fuels for use as motor or industrial fuel. Stipulates that the Secretary must have determined that such production is desirable in order to provide an adequate supply of commodities for such purpose, is not likely to increase the cost of price support programs, and will not adversely affect farm income. Authorizes the Secretary to formulate and carry out a production set-aside program to provide incentive payments for the production of such commodities for years in which no acreage set-aside or land diversion program is in effect for such commodities.

Provides that such payments shall be at rates which the Secretary determines to be fair and reasonable, taking into consideration the participation necessary to ensure an adequate supply of such agricultural commodities.

Authorizes the appropriation of such sums as may be necessary to carry out such program.

=Title III: Increases in the Borrowing Authority of the Commodity Credit Corporation= - Amends the Commodity Credit Corporation Act to increase the maximum amount of borrowed funds that may be outstanding from $14,500,000,000 to $25,000,000,000, and to increase the maximum amount of bonds, notes, debentures, and other similar obligations which the Commodity Credit Corporation may issue at any one time, from $14,500,000,000 to $25,000,000,000. Stipulates that such increases in borrowing authority shall be effective only to the extent provided in appropriation Acts.

=Title IV: Raisin Marketing Orders= - Permits, effective in fiscal year 1979, marketing orders under the Agricultural Adjustment Act, as reenacted and amended by the Agricultural Marketing Agreement Act of 1937, to include provisions concerning marketing promotion, including paid advertisement, of raisins. Authorizes distribution among producers of the pro rata cost of such promotion.

Directs the Secretary to report to Congress on the implementation of this Act.