Bobcad is outputting in incremental mode. And it looks like it expects your machine to be in metric mode (unless your machine is very large).
Add G91 to N1 and you should get a rectangle (N1 G91G00Z2.54).
The center of the rectangle will be X+50.0 and Y+25.0 from where the center of your tool is when you start the program. The rectangle will be cut 2.54 deep from where the tool is when the program is started.
If you are cutting inside of a pocket, the pocket will be 103.0 + tool dia. wide x 53.0 + tool dia. tall. It will have radii in the corners that are 3.5 + tool radius.
If you are cutting around a boss, the boss will be 103.0 - tool dia. wide x 53.0 - tool dia. tall. The boss will have radii on the corners that are 3.5 - tool radius.