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SW “Ohia” | Hello All,
A friend of mine who farmed through the 80's was recently talking about the "Payment in Kind" program from the 1983-1984 timeframe. I saw it referenced in a post below, and was curious what background could be shed on it.
I know it was essentially a certificate of equivalent bushels that a farmer could sell. I also know there were some tactics to take advantage of basis.
What all crops were involved in PIK? How were the bushel certificates calculated for each farmer? How did the market respond to it? What else can you tell me about it? Just genuinely curious about a program that was very unique but went away very quickly.
In my searching around for program details I happened to come across this belt buckle picture from 1984, so I'm guessing the traders didn't much like PIK.
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Can anybody tell me about the PIK program in the 1980's?
