Update on MF GlobalSubmitted by bcfast on Thu, 12/08/2011 - 10:12
I received this story in a newspaper article from a relative, regarding more fallout from MF Global..and this has to do with food production! The rabbit hole goes deeper.
* MF Global collapse delays farmers' purchases of supplies
* Growers awaiting payouts decline to buy seed, equipment
* Former clients still missing money a month after failure
(Adds comments from CME Group, senator)
By Tom Polansek
CHICAGO, Dec 6 (Reuters) - For the first time in 25 years,
Minnesota farmer Dean Tofteland has missed his deadline to buy
seed for next spring's corn and soybean crops.
With $200,000 of his money yet to be returned from the
accounts of MF Global, his former broker, the 49-year-old farmer
has missed a $5,000 discount for early buyers, and is watching
friends and neighbors snap up the best varieties of seeds.
In the latest sign of how MF Global's failure is continuing
to cascade across the commodity industry, Tofteland and other
farmers who have yet to recover more than a third of their money
from the bankrupt broker now find themselves in a cash crunch
that risks rippling far beyond the futures market.