Emergency Farmer and Rancher Assistance Act of 2003 - Directs the Secretary of Agriculture to provide: (1) emergency financial assistance to agricultural producers who have incurred qualifying 2001 or 2002 crop losses due to weather or related conditions; and (2) payments to livestock producers who have incurred 2001 or 2002 losses in an emergency-designated county, with permitted set-asides for the American Indian livestock program.