Emergency Livestock Assistance Act of 2002

Emergency Livestock Assistance Act of 2002 - Directs: (1) the Secretary of Agriculture to make payments to livestock producers in emergency-designated counties who have suffered losses in 2001 or 2002; and (2) producers to elect payments for one but not both of such years. Obligates specified amounts for the American Indian livestock program.

Amends the Food Security Act of 1985 to reduce direct and counter-cyclical payments that a producer may receive during any crop year for: (1) peanuts, and (2) covered commodities (wheat, corn grain sorghum, barley, oats, upland cotton, rice, soybeans, and other oilseeds).

Increases the total gain that a producer may receive from marketing loans, loan deficiency payments, and commodity certificate coupons in any crop year from: (1) loan commodities; and (2) other commodities. Revises gain determination provisions, including the addition of commodity certificate coupons.

Sets forth a specified limitation for single farming operations.