Excerpts from the report: The Agriculture and Consumer Protection Act of 1973 directed the Secretary of Agriculture to conduct a cost of production study of wheat, feed grains, cotton, and dairy commodities and to annually update the cost estimates. The Commodity Economics Division, Economic Research Service conducted the study, aided by an advisory committee comprised of representatives of the general farm organizations, commodity organizations, land grant colleges, agricultural economic associations, and the Federal Extension Service. This report provides a summary of results of the study for crops in 1974. The objectives of the study were to: (1) establish benchmark estimates of national average cost of production for wheat, feed grains, cotton, and milk as required by law; (2) establish production cost estimates for soybeans, peanuts, and flaxseed--important competing crops in certain subregions; (3) measure the variability within and among the production subregions in practices, inputs, outputs, prices, and costs; and (4) provide a data base for annual updates of the estimates and for research purposes.