Getting PIK-ed to Pieces:Federal Payment-in-Kind Program

Curtailed planting means deep cuts in sales for farm suppliers

The enormous cutback in planting this year under the new federal payment-in-kind (PIK) program may be a bonanza for some farmers. In return for not planting corn, wheat, rice and cotton crops, farmers will receive up to 95% of their normal yield of these commodities free from Uncle Sam's warehouses. This is an economical way for the Government to reduce the cost of storing surpluses, and it should help the farmer by removing the glut that has caused prices to plunge. But where does...

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