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current parity price for the commodity.
Parity has been explained in many different ways—By definition it means fair and equal. The parity price for an agricultural commodity is the dollars and cents price that will give you the same purchasing power in terms of goods and services bought by farmers that such commodity had in the 1910-1914 base period.
An example might be if, in the base period. 50 bushels of corn might have been sold and the profits used to buy a ton of fertilizer. The parity price of corn at any moment is that price which would enable a farmer to buy a ton of fertilizer with the proceeds from 50 bushels of corn. Parity prices are noted on the average change in prices of all goods and services rather than on individual items.
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