Pioneer Press: MF Global fallout hits grain elevators

The collapse of MF Global is sending shockwaves across rural Minnesota, where grain elevators and some farmers are stunned to find their commodity accounts threatened by the distant scandal.

Although relatively few Minnesotans directly used the trading services of MF Global, the failed derivatives broker played a larger behind-the-scenes role in commodities futures trading. That has spread the fallout from the collapse, and some Minnesotans are alarmed to find a portion of their commodity accounts have been frozen – and seem to be at risk.

"Minnesota's farmers, co-ops and grain elevators trusted this company with their accounts, and it appears that their money was mismanaged and possibly lost," said Democratic U.S. Sen. Al Franken.

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© Al Franken - U.S. Senator, Minnesota, 2011. |
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