On August 22,1998, at 1115 central daylight time, an Air Tractor 401, N10103, collided with the ground, according to the pilot, during a forced landing near Holly Bluff, Mississippi. The aerial application flight was operated by Producers Flying Inc., under the provisions of Title 14 CFR Part 137 with no flight plan filed. A review of weather data from the nearest reporting facility disclosed that visual weather conditions prevailed at the time of the accident. The airplane received substantial damage. The commercial pilot was not injured. The aerial application flight departed Holly Bluff, Mississippi, at 1030. The pilot reported that he had been flying about forty five minutes on this load of fuel, and estimated that he had in excess of one hour of fuel remaining. While on the first swath run climb out from a field, the engine lost power. The pilot also reported that as the engine lost power, black smoke was seen coming from the exhaust. According to the pilot, the only available emergency landing area was straight ahead. During the post-accident examination of the engine assembly, the engine was started, it ran roughly, and produced black smoke. Further examination disclosed that fuel pressure supplied by the engine driven fuel pump was not being maintained in the pressure carburetor. According to a local mechanic assisting in the examination, the loss of fuel pressure in the carburetor is normally associated with a defective needle assembly in the carburetor. According to the operator, the maintenance records showed that the engine assembly had accumulated 1150 hours of service since the last overhaul. The recommended time between engine overhauls is 1200 hours. The engine maintenance records also failed to show if the carburetor had been overhauled since the last engine overhaul.