Farmers who have been linked to financially troubled Turner Grain in Brinkley will receive an extension from the U.S. Department of Agriculture on marketing authorizations for their crops tied to the commodities dealer.
Turner Grain has been at the center of a brewing calamity for farmers since it was revealed that a number of farmers have gone unpaid on their crops and that the grain dealer was under regulatory investigation and involved in litigation.
Last week, Arkansas Secretary of Agriculture Butch Calhoun requested an additional extension of time for producers delivering their Commodity Credit Corporation (CCC) grain under a CCC-681-1, Marketing Authorization, to Turner Grain. In addition, he also asked that the USDA make low-interest emergency loans available to affected producers.
“I appreciate [U.S. Agriculture] Secretary Vilsack’s prompt and positive response to my request for an additional extension for producers with marketing authorizations to Turner Grain Merchandising. This additional 60 days, combined with the 30 days already provided, should be helpful to these affected producers. I will continue to work with Secretary Vilsack and our congressional delegation as producers work through this unfortunate situation.”
Arkansas’ Congressional delegation sent a joint letter to Vilsack a week ago asking for a repayment extension of at least 180 days for affected farmers, whose losses on outstanding grain purchases are estimated at $50-$80 million.
http://talkbusiness.net/2014/08/farm-community-eyeing-repercussions-of-dealer-contracts/
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