Flexible Parity Act

(Reported to Senate from the Committee on Agriculture, Nutrition and Forestry with amendment, S. Rept. 95- 704)

Flexible Parity Act - =Title I: 1978 Price Support for Wheat, Feed Grains, and Upland Cotton= - Amends the Agricultural Act of 1949 to increase the minimum loan level for the 1978 crop of wheat from $2.25 per bushel to $2.85 per bushel. Provides for the 1978 crop of wheat a sliding-scale of established prices, keyed to voluntary five percent increments above the required acreage set-aside level, ranging from $3.00 per bushel for a 20 percent set-aside up to $5.04 per bushel for a 50 percent set-aside.

Increases the loan rate for the 1978 crop of corn from $2.00 per bushel to $2.40 per bushel. Provides for the 1978 crop of corn a sliding-scale of established prices, keyed to voluntary five percent increments above the required acreage set-aside level, ranging from $2.10 for a ten percent set-aside up to $3.45 for a 50 percent set-aside.

Increases the established price for upland cotton from 52 cents per pound to 60 cents per pound in the case of producers who voluntarily set aside an acreage of cropland equal to 20 percent of the acreage of upland cotton planted for harvest in 1978.

=Title II: Grain Release Prices= - Amends the Agricultural Act of 1949: (1) to prohibit the Secretary of Agriculture from providing for the redemption of stored wheat and feed grains loans unless the market price for such commodities is not less than parity; (2) to prohibit the Secretary from calling such loans until the market price for wheat and feed grains is at least 105 percent of parity; and (3) to prohibit the Commodity Credit Corporation from selling its stocks of wheat and feed grains for less than the parity price of such commodities.

=Title III: Public Law 480= - Amends the Agricultural Trade Development and Assistance Act of 1954 to increase the minimum distribution amount of commodities under such Act by such tonnage as could be purchased by an additional expenditure of $250,000,000. Directs the Secretary to provide financing of not less than $1,050,000,000 for the purchase of agricultural commodities under agreements entered into during fiscal 1978 under such Act.