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TeachMeFinance.com - explain Agricultural Act of 1970 Agricultural Act of 1970 The term 'Agricultural Act of 1970 ' as it applies to the area of agriculture can be defined as ' P.L. 91-524 (November 30, 1970) initiated a significant change in commodity support policy. This 3-year farm bill replaced some of the more restrictive and mandatory features of acreage allotments, planting restrictions, and marketing quotas with voluntary annual cropland set-asides and marketing certificate payments to achieve parity prices (the precursor to target prices and deficiency payments). For the first time, the law adopted an annual payment limitation per producer (set at $55,000 per crop). The Act also amended and extended the authority of the Class I differential in federal milk marketing order areas'. Previous 5 Terms: agrestic Agribusiness Agricultural Act of 1949 Agricultural Act of 1954 Agricultural Act of 1956 Next 5 Terms: Agricultural Adjustment Act (AAA) of 1933 Agricultural Adjustment Act Amendment of 1935 Agricultural Adjustment Act of 1938 Agricultural Attache, Counselor, or Trade Officer Agricultural Conservation Program (ACP) About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.