MIDI dynamics seem completely broken

[Anders Kaseorg]

If I run the following simple test of dynamics through lilypond (I've 
tried both 2.6.3 and 2.7.22):

\version "2.6.0"
\score {
  \relative c'' {
    c16\p c c c c\< d e f g\f g g g g\> f e d c\p c c c c4
  }
  \midi {}
  \layout {}
}

and play the resulting MIDI file with timidity, all but eight of the 
notes are completely silent. (I hear the first five Cs, the first and 
last Gs, and the next C.)

Is it just me? I'd be surprised that this kind of a bug would go unnoticed.

Anders