Emergency Agricultural Assistance Act of 2002 - Directs the Secretary of Agriculture to provide market loss assistance payments, at the applicable FY 2000 payment rate, to owners and producers on a farm that are eligible for a final FY 2002 production flexibility contract payment.

Directs the Secretary to provide assistance for: (1) soybeans and oilseeds; (2) quota or additional peanuts; (3) honey; (4) wool and mohair; (5) cottonseed; (6) commodity purchases, including school nutrition program commodities; (7) pulse crops (chickpeas, lentils, dry peas); and (8) tobacco.

Amends the Federal Agriculture Improvement and Reform Act of 1996 to extend loan deficiency payment eligibility through crop year 2002 for contract commodity producers who are not eligible for marketing assistance loans. States that for the 2001 crop a producer who is eligible for loan deficiency payments but loses beneficial interest in the covered crop shall be eligible for such payments as of the date of loss.

Directs the Secretary to make payments in lieu of loan deficiency payments for crop year 2002 to producers who: (1) elect to use wheat, grain sorghum, barley, or oats acreage for livestock grazing; and (2) agree to forgo any other harvesting of such crops on such acreage. States that such acreage shall be ineligible for Federal crop insurance.

Amends the Agricultural Market Transition Act to extend milk price supports.

Directs the Secretary to provide livestock feed assistance to producers affected by 2001 or 2002 disasters.

Directs the Secretary to provide assistance for: (1) the conservation reserve program; (2) the wetlands reserve program; (3) the environmental quality incentives program; and (4) the farmland protection program.

States that funds shall be obligated and expended only during FY 2002 to carry out this Act and its amendments.