Feb 11, 2022

Minnesota Looks to Set Up Grain Elevator Indemnity Fund

Minnesota Department of Agriculture is asking for $5 million to make sure producers get paid should an elevator become insolvent

The Minnesota Department of Agriculture is seeking to provide a safety net for for farmers in the event their grain elevator becomes insolvent, reports AgWeek.

The department is asking for a one-time state contribution of $5 million to set up the fund that would pay farmers for grain that had already been delivered if the elevator is not able to. The fund would be replenished through fees associated with grain sales.

During the presentation, it was noted that Minnesota was an exception among its neighbors by not already having such an indemnity fund.

Nicholas Milanowski of the Ag Department said it would allow the state "to go after bad actors," such as Jerry Hennessey, the former manager of the Ashby Farmers Cooperative who went to federal prison after stealing more than $5 million from the elevator and spending part of the money on lavish big-game hunting trips and taxidermy.

Recently Added to Buyer's Guide

Ribbon Blenders

  • 5-cubic-foot unit features special three-piece grate designed with angled and pitched profile
  • All three sections of the grating have position sensors which interlock with the control panel, ensuring operator safety while running

Infinifeed Loop

  • Continuous feed loop system
  • Capacities available up to 1,800 bushels/hour

Loop Conveyor System

  • Can be used to fill and empty grain bins and flat storage structures or applied to feed processing and other conveying applications
  • Available in 8-, 10- and 12-inch diameters with capacities up to 10,000 bushels/hour


  • 5-minute ELISA testing kit
  • Use a common extraction protocol for ease of use

Q-Sage Air Screen Cleaners

  • Separates grain by length and size to specifications
  • Numerous flow patterns available to accommodate each unique product and processing need

Vertical Blender

  • For reliable, gentle mixing of friable solids, abrasive materials and shear-sensitive products
  • For processing large volumes where floor space is limited


Marketwatch: Aug, 19

US Corn Price Idx: ZCPAUS.CM

open: 6.641
high: 6.7722
low: 6.6162
close: 6.7188

US Soybean Price Idx: ZSPAUS.CM

open: 14.2373
high: 14.5071
low: 14.1683
close: 14.448

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 7.8458
high: 7.8708
low: 7.6159
close: 7.6658

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 6.903
high: 6.918
low: 6.6755
close: 6.7339