When an object is at any height above the ground, it has gravitational potential energy. If the object falls, it loses this gravitational potential energy and this energy is converted to kinetic energy. By this logic, we can say:
Gravitational potential energy of grain sack = Kinetic energy of grain sack
GPE = mgh
= (mg) x h
= 98.0 x 50.0
= 4,900 J