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The Payment-in-Kind (PIK) Program
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Despite Federal efforts last year to curb production and dispose of surpluses, record production and continued high carryover stock levels for most commodities have depressed farm prices and significantly increased expected Federal outlays for agricultural price support programs. In an attempt to bring supply in line with demand, President Reagan announced on January 11, 1983, that the U.S. Department of Agriculture (USDA) would implement a payment-in-kind (PIK) program for the 1983 wheat, rice, corn, sorghum, and upland cotton crops. Recently, USDA announced a PIK program for the 1984 wheat crop.