Regulators say about $1.2 billion is missing from customers' accounts following the collapse of MF Global. Minnesota farmers, ranchers, feed mills and grain elevators are among those customers. Now they're waiting to find out just how much they might be missing.

Dean Tofteland blasted the now-defunct commodities firm MF Global in front of a Senate Ag committee Tuesday morning. The Star Tribune reports that the Luverne farmer didn't mince words when it came to how he felt about having more than $250,000 of his money frozen. More than $1 billion of MF Global's assets are unaccounted for.

U.S. Sen. Amy Klobuchar and 16 other senators have mailed a letter to the U.S. attorney general urging an investigation into and possibly the criminal prosecution of MF Global executives, who may have made illegal transactions using customer funds. Many of Minnesota's farmers and agricultural businesses have been missing money since the commodities trader collapsed.

The New York Times reports investment firms are jockeying to buy claims off thousands of MF Global customers, which includes many Minnesota farmers. Most of those offers are for 90 percent of face value. It could spell a big change in fortune for Minnesota's farmers and agricultural business owners, many of whom had large accounts on the books with the commodities firm when it collapsed.

Democratic Sen. Amy Klobuchar has voted to give the Senate Agriculture Committee the authority to subpoena the former top executive to testify. Minnesota farmers and agriculture businesses saw critical financial accounts frozen and now worry they may be out serious cash following the collapse of the commodities trading firm. Klobuchar says those responsible should be held accountable.

Reuters reports the Chicago Mercantile Exchange has set up a $100 million fund to help farmers and ranchers who lost money after the collapse of commodities trading firm MF Global. Many farmers and agricultural businesses in Minnesota saw their accounts frozen after the firm suddenly went belly-up.

Trading services firm MF Global collapsed at the end of October after a disastrous bet on European debt. While few people in Minnesota did business directly with the broker, many of the state's farmers, co-ops and grain elevators are finding their accounts frozen and their money at risk.

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