April 14, 2010
Producers Receive Payment in Full for Soybeans Previously Delivered to Prairie Pride, Inc.
The Missouri Department of Agriculture has announced that payment has been made in full to Prairie Pride, Inc. customers who delivered soybeans to the facility but were not paid upon delivery.
In February, Prairie Pride, Inc. became financially unable to meet its obligations forcing the Department of Agriculture to suspend the company's grain license and secure assets necessary to protect Missouri farmers. In March, the Department of Agriculture liquidated the company's grain-related assets. From the proceeds of the liquidation, the Department of Agriculture was able to quickly issue payment for all outstanding soybean obligations.
"The Department of Agriculture worked diligently on this issue to make sure that farmers and grain sellers were paid for their product delivered to the facility," said Director of Agriculture Dr. Jon Hagler. "This is a good first step for Prairie Pride and we hope they are soon able to return to business as a reliable producer cooperative."
Prairie Pride, Inc. is currently in the process of obtaining capital to re-open the facility. For more information on grain-related issues, contact Grain Regulatory Services at (573) 751-4112.