1247) was enacted by the United States Congress and signed into law by President Harry S. Truman on July 3, 1948.

[2] The Agricultural Act of 1948 enacted several agricultural policy reforms, including mandatory price supports for basic commodities at 90% of parity.

It also mandated that in 1950, parity would begin to incorporate price averages of the previous ten years and the 1910-14 base period.

[2] The legislation also amended several provisions of the previously passed Agricultural Adjustment Act of 1938 (Pub.L.

31), including price support and marketing quotas for corn, wheat, cotton, rice and tobacco.