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Powers, State Administrative Office for PMA, said that the rate reflects 90 per cent of the October 1, 1953 parity price for corn on a national level, adjusted to various areas. The rate of $1.76 in Virginia compares with a national average rate of $1.60 per bushel.
To be eligible for support corn must grade No. 3 or better, except for moisture, or No. 4 solely ori test weight. There will be a premium of one-half cent per bushel for No. 2 corn and a premium of 1 cent per bushel for No. 1 corn.
Powers said that price supports on corn will be effected through farm-storage and warehouse-storage loans and purchase agreements available through PMA county offices through February 1954. Loans will mature July 31, 1954 but it is customary in Virginia for PMA to commence accepting deliveries of loan corn at an earlier date since the hazards of infestation are enhanced in warm weather.
According to the BAE October 1 crop report, Virginia farmers will harvest only 25,083,000 bushels of corn this fall, the smallest since 1930 and nearly 14,000,000 % bushels below normal.* r*
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