Agricultural Economic Adjustment Act of 1979

Agricultural Economic Adjustment Act of 1979 - Establishes a National Agricultural Cost of Production Board to advise the Secretary of Agriculture as to the adequacy, accuracy, and fairness of the formulas and figures used in determining the costs of production of agricultural commodities for purposes of price support programs.

Amends the Agricultural Act of 1949 to increase the level of crop production loans for the 1979 crop of any agricultural commodity to not less than 70 percent of parity, and for the 1980 crop to not less than 75 percent of parity. Sets forth a formula for the determination of loan levels for subsequent crop years of such crops.

Raises the minimum price support of milk as of April 1, 1979 to 80 percent of parity.