(Reported to Senate from the Committee on Agriculture, Nutrition and Forestry with amendment, S. Rept. 96-445) Amends the Agricultural Act of 1949 to change specified levels of price support loans and price support payments for the 1980 and each subsequent crop of extra long staple cotton. Amends the Agriculture Adjustment Act of 1938 to require that extra long staple cotton acreage allotments voluntarily surrendered to county committees be so surrendered not later than January 15 of the crop harvest year. Directs (formerly authorized) the Secretary of Agriculture to permit owners or operators of farms for which an extra long staple cotton acreage allotment is established to sell or lease all or part of such allotment for transfer to farms owned or operated by others, or to transfer such allotment to other farms owned by themselves. Stipulates that farms to which such allotments are transferred may be in any State or county. Requires that such sale, lease, or transfer occur not later than January 15 of the crop harvest year. Prohibits the leasing of any such allotment for a total period greater than three years.