The Minnesota House Agriculture Committee is considering a bill to modify grain buyer license requirements. Representative Paul Anderson says his proposal deals with the dollar amount that triggers an audit for grain elevators and feed mills. “The numbers were last set back in 2019 when the price of corn was probably around $3 a bushel, soybeans at $8 a bushel and oats were about $2 a bushel,” said Anderson. “Today, those prices have doubled, and some cases tripled.” Due to current commodity prices, Minnesota Grain and Feed Association Executive Director Laura Lemke says small and medium-sized grain buyers are required to get a bond or an irrevocable letter of credit and submit a financial review to the state. These facilities have a $5 million grain purchase threshold. “Grain elevators that were flirting with that $5 million line were saying they would stop buying grain when they approached that threshold. That’s no way to operate an elevator as it stifles business growth and harms the local elevator’s ability to properly service its farmer customers.” This bill was laid over for a vote in the future.
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