Conservation Assistance and Regional Equity Act - Provides assistance for specialty crop cost-of-production insurance.

Amends the Federal Agriculture Improvement and Reform Act of 1996 to revise the farmland protection program.

Amends the Food, Agriculture, Conservation, and Trade Act of 1990 to increase funding for assistance to socially disadvantaged farmers and ranchers.

Amends specified Acts to extend and revise: (1) the environmental quality incentives program, including livestock production and other program assistance; (2) the wildlife habitat incentives program; (3) the wetlands reserve program; (4) the conservation reserve program; (5) the private grazing land conservation program; and (6) State marketing programs, including grants for market development.

Amends the Food Security Act of 1985 to establish: (1) a grassland reserve and enhancement program; (2) a water conservation program through the enrollment of eligible land for the temporary or permanent acquisition of water or water rights from eligible sellers; and (3) a conservation security program to promote soil, water, wetland, air, farm, wildlife, and flora conservation practices.

Establishes in the Treasury the Organic Agriculture Research Trust Fund. Authorizes the creation in the Department of Agriculture of a National Organic Research Endowment Institute.

Directs the Secretary of Agriculture to establish a Farmland Stewardship Enhancement Program to integrate Department of Agriculture and State, local, and tribal agriculture and forestry conservation efforts.

Sets forth: (1) conservation program performance review and evaluation provisions; and (2) State conservation fund allocations.