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April 03, 2018 06:06 PM

Some Farmers To Get A Fraction Of Their Losses In H & I Grain Debacle

Pierre

The State is telling farmers "the check is in the mail." 

The Public Utilities Commission approved a plan to pay out the $400,000 bond to farmers who claimed losses after H & I Grain Elevator went under. 

KELOLAND Investigates exposed that bottom had fallen out for the company back in July of 2016, after the owner's son Jared Steffensen, lost somewhere between $6 million to $10 million of H & I Grain's money hedging commodities.  

60 eastern South Dakota farmers are out an estimated $8 million dollars.  The $400,000 bond being paid out just covers a fraction of those losses. The highest claim approved by the PUC was for $500,000. That farmer will get just $137,000. Many will get nothing at all. 

 A new state law in response to elevator failures will now require grain buyers to file quarterly financial statements with the PUC. 

The PUC is also asking farmers to report it immediately if they aren't getting paid for their grain, so the PUC can investigate.  




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