Commodity Set-Aside Act

Commodity Set-Aside Act - States that, for the purpose of providing a reserve of basic food commodities for use for human consumption and seed purposes whenever there is a shortage of such commodities, the Commodity Credit Corporation shall obtain specified amounts of wheat, feed grains, and nonfat dry milk solids for the purpose of establishing a set-aside for each such commodity.

States that the Commodity Credit Corporation may use amounts of any other agricultural commodity as a substitute for any commodity listed above if the amount of the commodity being used as a substitute is nutritionally equivalent to the amount of the commodity for which it is being substituted.

Provides that the set-aside for each such commodity shall be completed by the end of the 1979 crop year, except that the set-aside of nonfat dry milk solids shall be completed by January 1, 1979.

Authorizes the President to release amounts of the set-aside when it is determined that such set-aside will exceed the aggregate of domestic production and imports at the close of any crop year.

Provides that the President may release any amount from any set-aside: (1) for transfer to the national stockpile in time of national emergency; (2) for donation to school lunch programs, and (3) for disaster relief purposes.

States that any amount of upland cotton, cottonseed oil, butter, or cheese which is a part of a commodity set-aside under Federal law shall be released when and under such terms and conditions as the President deems appropriate.

Authorizes to be appropriated such sums as are necessary to carry out the provisions of this Act.