October 06, 2010

Department of Ag Reissues License for Grain Dealer

The Missouri Department of Agriculture has reinstated the Class I grain dealer's license for Farmers Ag & Grain Supply Inc. of Deerfield and Nevada after the company met the necessary conditions set forth by the Department of Agriculture. Earlier this month, Farmers Ag & Grain Supply was asked to improve their equity position immediately or risk suspension of their grain dealer's license. A Class I grain license allows a dealer to offer minimum price contracts or credit sales contracts, including delayed price and deferred payment contracts.

Farmers Ag & Grain Supply provided the Department of Agriculture with audited financial statements and increased their dealer security as part of the reinstatement process. In addition, the company agreed to an accelerated audit schedule which will allow grain auditors from the Department of Agriculture's Grain Regulatory Services to monitor the company more frequently as needed.

For more information about the Missouri Department of Agriculture's Grain Regulatory Services, visit mda.mo.gov.