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Minnesota farmers, ag businesses brace for losses after commodities trader collapses

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.
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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.

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MF Global collapse felt by Minnesota farmers

MF Global is being investigated over what federal regulators say is an estimated $1.2 billion that may be missing from customer accounts.

MF Global owes farmers at least $100 million

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.

Broker's collapse hits rural Minnesota's grain industry

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.

Klobuchar joins bipartisan group requesting Justice Department investigate MF Global collapse

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.

Report: MF Global customers getting offers for their claims

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.

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A thunderstorm collapsed a silo and barn near Colby Thursday, and a farmer working inside was able to slip out with his life, the Marshfield News Herald reports. About 20 dairy cows were trapped in the rubble. The National Weather Service says 70- to 80-mph winds likely did in the structure.

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Minnesota farmer feels 'betrayed' by MF Global

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.