National Dairy Equity Act of 2004

National Dairy Equity Act of 2004 - Amends the Farm Security and Rural Investment Act of 2002 to direct the Secretary of Agriculture to give producers in a State participating in the national dairy market loss payment program 60 days to decide whether to continue participating in such program or to participate in the program established under this Act.

Establishes the following five regional dairy marketing areas: (1) Northeast region - Northeast Dairy Marketing Area (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont); (2) Southern region - Southern Dairy Marketing Area (Alabama, Arkansas, Florida, Georgia, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, Texas, Tennessee, Virginia, and West Virginia); (3) Upper midwest region - Upper Midwest Dairy Marketing Area (Illinois, Indiana, Iowa, Michigan, Minnesota, North Dakota, South Dakota, and Wisconsin); (4) Intermountain region - Intermountain Dairy Marketing Area (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming) and (5) Pacific region - Pacific Dairy Marketing Area (Alaska, California, Hawaii, Oregon, and Washington).

Administers each region by a Regional Dairy Board. Sets forth Board powers, including authority to establish: (1) over-order price (a price higher than the marketing order or non-marketing area price) for Class I milk; (2) equalization pools to equalize over-order prices to producers throughout a regulated area; and (3) processor administrative fees. Requires producer referendum to approve of a proposed over-order price establishment, amendment, or termination.

States that each covered processor that purchases Class I milk during a month that will be sold in the regulated area of a Region shall pay to the Secretary an amount equal to the product of the over-order premium and the quantity of purchased Class I milk.

Establishes in the Treasury the National Dairy Producers Fund. Directs the Secretary to make monthly payments from the Fund to the Boards which shall make payments to eligible producers of all milk classes.

Amends the Farm Security and Rural Investment Act of 2002 to extend the national dairy market loss payment program.