Nov 29, 2021

Bank Seizes Harvest in Grain Elevator Bankruptcy

Farmers are suing, claiming they have not been paid for their harvests

A group of Mississippi Delta farmers is suing Missouri-based UMB Bank in federal court after the bank seized their fall harvests as collateral from Express Grain, a Greenwood, Miss., grain elevator and biodiesel refinery.

The Clarion Ledger reports the farmers, in a class action lawsuit, claim UMB Bank knew Express Grain was teetering on financial collapse and propped the company up through the fall soybean and corn harvest until it could fill its silos at the end of September.

Once the silos were full, the bank called the approximately $70 million in loans owed by Express Grain, forcing it to offer up the harvested grain as collateral, according to the complaint filed Nov. 8 in U.S. District Court.

The farmers claim they have not been paid for their harvests, and are suing to recoup their losses.

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Marketwatch: Jan, 27

US Corn Price Idx: ZCPAUS.CM

open: 6.0509
high: 6.1392
low: 6.0271
close: 6.1307

US Soybean Price Idx: ZSPAUS.CM

open: 13.6827
high: 13.9874
low: 13.6618
close: 13.954

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 8.0183
high: 8.0333
low: 7.8538
close: 7.9653

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 7.6378
high: 7.6553
low: 7.4777
close: 7.5549