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§^n©B Support 4M Cora EiUblUlkd ot $1JS7
Price support on Virginia's big IMS corn crop has been establish- . ed at a basic rate of $1.57 a bushel, according to an announcement released by R. B. Bridgforth, state chairman of the Production Marketing Administration. This rate will give farmers 90 per cent •of the parity price of corn on October 1, as compared with a basic rate of |1.61 a bushel in effect for the state last year.
Virginia’s support level on corn is substantially above the national average 1949 rate of $1.40 per bushel.
The state PMA committee has adopted purchase agreement plan similar to that used last year. Loans are also being offered on fun stored corn.
According to Bridgforth, there is pracicaUy no1 approved commercial storage available in Virginia to house this year’s corn crop. He repeated a warning, given by the state PMA committee for the past several months, that farmors must arrange suitable on-farm storage ^ 'they want the benefits of the government price support program. Under a farm storage loan program, stor~**4 structures are Object to approval by county PMA committees and periodic re-inspection when holding corn under loan. No such apporval or inspection is required under'a purchase agreement plan, but the corn mast meet conditions of eigibility when delivered to be acceptable. * 'Th following terms of eligibility for price support apply to 1949 corn delivered under purchase agreements: „*■
(a) Corn must be offered only by the producer, and not by a dealer or broker.
(b) The grade must be U. S. „ No. 3, or better, or No. 4, solely on the factor of test weight, but otherwise No. 3 or better. "
<c) Corn must-be shelled.
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