Minnesota farmers, ag businesses brace for losses after commodities trader collapses - Bring Me The News

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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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.

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.

Farmer narrowly escapes collapsing silo

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.

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.

Minnesota farmers hit record in 2011

The Pioneer Press reports the median net farm income was up one percent to hit a record $123,000 last year. Crop farmers were "still very profitable," but saw a slight decrease despite record-high crop prices. The dairy sector as well as hog and beef producers all saw improvements, according to the annual report released Wednesday.