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The local loan rates will be determined in the same way as in the past and will be figured from the following national average loan rates: corn, $1,07 a bushel; barley, 82 cents a bushel; and grain sorghum, $1,71 per hundredweight. Program cooperators are eligible to place their entire production of the three feed grains under price-support loan. The price-support payment per acre will be the established yield for the farm multiplied by the per-bushel rate for each of the three feed grains. The rates are: corn, 18 cents per bushel; grain sorghum, 16 cents per bushel (29 cents per hundredweight); and barley, 14 cents per bushel. These price-support payments will be made to complying farms regardless of the use made of the grain. Mr. Barksdale said that the 1963 feed grain program offers farmers another opportunity to reduce the surplus feed grain supplies as they did in 1961 and 1962. Through cooperation with the 1961 and 19^62 feed grain programs, farmers voluntarily held enough acreage out of production to reduce the October 1, 1963 carryover of feed grains to 57 million tone — one-third less than 2 years earlier. That 2-year decrease in carryover will result in an ultimate saving to taxpayers of over one billion dollars.
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