Agricultural Parity Equity Act of 1979

Agricultural Parity Equity Act of 1979 - Title I: Wheat - Amends the Agricultural Act of 1949 to set the established price for an individual producer for the 1979 and 1980 crops of wheat at levels related to such producer's voluntary set-aside so that if the set-aside is: (1) 20 percent, the established price shall be 66 2/3 percent of parity per bushel; (2) 40 percent, 80 percent of parity per bushel; or (3) 50 percent, 100 percent of parity per bushel.

Title II: Feed Grains - Amends the Agricultural Act of 1949 to set the established price for an individual producer for the 1979 and 1980 crops of corn at levels related to such producer's voluntary set-aside, so that if the set-aside is: (1) 20 percent, the established price shall be 66 2/3 percent of parity per bushel; (2) 40 percent, 80 percent of parity per bushel; or (3) 50 percent, 100 percent of parity per bushel.

Title III: Upland Cotton - Amends the Agricultural Act of 1949 to set the established price for an individual producer for the 1979 crop of upland cotton at levels related to such producer's voluntary set-aside, so that if the set-aside is: (1) 20 percent, the established price shall be 72 1/2 percent of parity per pound; (2) 40 percent, 85 percent of parity per pound; or (3) 50 percent, 100 percent of parity per pound.

Title IV: 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 V: National Agricultural Production Cost and Statistical Standards Board - Establishes a National Agricultural Production Cost and Statistical Standards Board which shall advise the Secretary of Agriculture and coordinate and assist in the development and improvement of cost of production and financial statistical standards which relate to the production of agricultural commodities in the United States. Directs such Board: (1) to review the adequacy of cost of production formulas, parity formulations, and agricultural financial statistics compiled by the Department of Agriculture; and (2) to advise the Secretary whether the cost of production formulas and standards used by the Department in its price support programs are fair and accurate.