The agriculture committees in the Minnesota House and Senate have advanced legislation to create a grain indemnity fund.
Senate chair Aric Putnam says there have been instances where farmers lose hundreds of thousands of dollars because of fraud or a grain elevator going bankrupt.
“It’s tragic, so I think the grain indemnity fund is going to be a real step in the right direction.”
The fund would be operated by the Minnesota Department of Agriculture and grain sellers could receive between half and all money owed when a buyer fails.
