Posted by IaGary on September 30, 2011 at 05:32:48 from (69.63.5.162):
In Reply to: Re: Started beans posted by NY 986 on September 30, 2011 at 04:56:25:
Here in Iowa we have the Grain Indemnity Fund.
All Iowa licensed elevators are insured under this Fund. If a elevator goes broke the Fund will pay 90% the amount owed to the farmer not covered by the Federal Warehouse insurance. Forward contracts are paid at current prices and not future prices if a elevator fails. So a farmer will be out 10% plus maybe a few cents less than what the future price he had sold for.
This fund was funded by a checkoff of a few tenths of a cent per bushel checkoff from the farmers every time a sale was made back in the 90's untill the account was up to where the state wanted it for reserve. There is no checkoff now because it is fully funded.
If you sell or store at a USDA Warehouse and have a warehouse storage receipt you are covered in any state.
I would never deal with a elevator that is not licensed by USDA Warehouse or a State Licensed.
In Iowa the elevators have to be licensed by the state to do business but not the USDA I believe.
Other states may have the same type of fund or licensing system.
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