To provide for the modification and implementation of the final rule for the consideration and reform of Federal milk marketing orders, and for other purposes.

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.

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; (4) paperwork reduction; and (5) judicial decision or order.

(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, and implement such final formulas on January 1, 2001 (with an extension if necessitated by judicial restraining order); and (2) collect no marketing order assessments (without reducing service levels) during any period of noncompliance with such time frame.

(Sec. 3) 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.

(Sec. 4) Amends the Agricultural Market Transition Act to extend congressional consent for the Northeast Interstate Dairy Compact through September 30, 2001.