To require the Secretary of Agriculture to implement the Class I milk price structure known as Option 1-A as part of the implementation of the final rule to consolidate Federal milk marketing orders.

Directs the Secretary of Agriculture to implement the Class I fluid milk price structure known as Option 1A "Location-Specific Differentials Analysis" as part of the final rule to consolidate Federal milk marketing orders. States that such option requirement shall not modify the existing (final rule) implementation schedule.

States that the Option 1A requirement shall not be subject to specified requirements regarding: (1) notice and hearing; (2) referendum; (3) rulemaking notice and public participation; and (4) paperwork reduction.

States that if the Secretary announces minimum milk prices under a marketing order prior to implementation of the rule under this Act, such prices shall be the applicable minimum prices for the months so covered.

(Sec. 2) Expresses the congressional finding that certain Class III and IV milk pricing formulas require further emergency rulemaking because they do not adequately reflect public comment and are sufficiently different from the proposed rule. States that the Secretary shall: (1) conduct formal rulemaking, implement a final decision not later than ten months after enactment of this Act, and collect no marketing order assessments (without reducing service levels) during any period of noncompliance with such time frame; and (2) reduce the cheese manufacturing allowance to 14.7 cents per pound pending such price implementation.

(Sec. 3) Amends the Agricultural Market Transition Act to: (1) extend the milk price support program (at 1999 rates) through December 31, 2000; and (2) eliminate the processor loan recourse program.

(Sec. 4) Amends the Agricultural Adjustment Act, reenacted with amendments by the Agricultural Marketing Agreement Act of 1937, to direct the Secretary to implement a dairy forward pricing pilot program through December 31, 2004. Applies such program to federally regulated milk that: (1) is not Class I milk or otherwise intended for fluid use; and (2) is in or directly affects interstate or foreign milk commerce.

Directs the Secretary to study the impact of forward contracting on milk prices paid to U.S. producers.