State board rejects $1.5 million of grain loss claims
The Iowa Grain Indemnity Fund Board rejected nearly $1.5 million worth of claims from people who sold grain to a now-defunct soybean dealer.
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The Iowa Grain Indemnity Fund Board rejected nearly $1.5 million worth of claims from people who sold grain to a now-defunct soybean dealer.
A state fund that protects farmers from losses when grain dealers and warehouses go bankrupt is poised to run out of money, according to the Iowa Department of Agriculture and Land Stewardship.
After bankruptcies by grain-buyers, including an organic foods company in Fridley, the push is on for a state-backed indemnity fund.
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Global Processing Inc. is based in Kanawha, Iowa, and operating in Hope, Minnesota. The company filed for Chapter 11 bankruptcy on Oct. 24, 2022.