U.S. CABINET COUNCIL SET TO MULL FARM ISSUES The Reagan administration's cabinet-level Economic Policy Council is scheduled to meet Friday to discuss, among other issues, the status of agricultural legislation, administration officials said. The officials said discussion of a U.S. Agriculture Department wheat export subsidy to the Soviet Union was not on the agenda. Matters not on the agenda, however, can be brought before the council, the officials said. Grain trade officials have speculated that USDA would make a wheat export enhancement offer to Moscow, but USDA officials have said the matter is not under active consideration. USDA today transmitted to Congress a package of legislative proposals, including bills that would cut target prices and speed up loan rate reductions.