Word: corns
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Dates: during 1980-1989
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...prompted farmers to remove from production 82.3 million acres of wheat, corn, sorghum, cotton, barley, oats and rice, amounting to 36% of all eligible crop land. The U.S. Department of Agriculture estimates that farmers planted only 60.1 million acres of one major crop, corn, down 27% from last year and the lowest level since 1878. Even with the acreage reductions, however, the nation's winter-wheat crop, planted last September and now in the midst of being harvested, is estimated at 1.94 billion bu., the third best crop ever and down only 8% from last year. Farmers...
...result, wheat stockpiles are actually expected to grow this year. For every other commodity, however, PIK appears to be succeeding in drawing down the enormous surpluses. The USDA predicts that the unsold carryover of feed grains, mostly corn, may dwindle from 3.4 billion bu. to 2 billion bu. by the end of the year, a reduction of about 40%. Rice stocks are expected to be cut by almost half, from 68.2 million cwt. (hundredweight) to 36.3 million cwt. "Without PIK, we would have had a market glut like we've never seen," says Agricultural Economist Barry Flinchbaugh of Kansas...
Prices have inched up since PIK was announced last winter, but not necessarily as a result of the program. Corn jumped from $2.36 in January to $3.15 this month, primarily because farmers held so much of their 1982 crop off the market that buyers had to bid up the price to get the available supplies. Cotton prices have risen nearly 10? per lb. this year, mostly because of bad weather. Eventually, however, reduced supply should strengthen prices and put more money in fanners' pockets. "The confidence level is better," says Tractor Dealer Bob Kennon of Tifton, Ga. "People...
When farmers signed up for PIK last spring, they received vouchers redeemable at harvest time for grain from Government-controlled storage. The amount varied from 80% (in the case of corn) to 95% (in the case of wheat) of what they would normally produce on their idled plots. After redeeming the vouchers, the farmers are free to sell the gratis grain or use it as livestock feed. "PIK sure looked sweet to me," says Kyle Bauer, who idled 700 acres of his 1,700-acre farm in northeastern Kansas. "I can give my ground a rest and still...
Many farmers, however, are piqued with PIK. They cite poor administration, the possibility of getting paid with inferior grain and a timetable that sometimes forces farmers to sell at deflated prices. "The biggest concern I have is the quality of corn they are shipping in," says Alabama Farmer Bill Sanders. "Some of it is as much as two or three years old. I may have to buy hogs...