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at 819 million bushels, down from 900 million, and soybeans at 120 million, down from 150. State agricultural officials expected prices for both products to drift lower over the near term as harvest pressure increased along with the uncertainty of the potential for PIK marketing.
PIK entitlements were released to producers in Virginia and the midwest on October 15. Farmers have until March 14 to receive the grain or sell the entitlement without incurring any storage charge. Those who transport the grain to their farms may be eligible for freight assistance. They should contact the Rappahannock ASCS office before applying for freight assistance and also if they plan to sell their entitlements.
Cash corn at mid-month was selling in the neighborhood of $3.50 per bushel, soybeans around $8.70. Contract prices offered for new wheat ranged around $3.40 and for barley at $2.15$2.30.
PIK corn entitlements in the Northern Neck and Middle Peninsula sold at $3.65$3.73 per bushel. No 2 yellow corn in the Shenandoah Valley was selling at approximatey $4 per bushel.
88.2%