The agriculture committees in the Minnesota House and Senate have advanced legislation to create a grain indemnity fund.

Senate chair Aric Putnam says there have been instances where farmers lose hundreds of thousands of dollars because of fraud or a grain elevator going bankrupt.

“It’s tragic, so I think the grain indemnity fund is going to be a real step in the right direction.”

The fund would be operated by the Minnesota Department of Agriculture and grain sellers could receive between half and all money owed when a buyer fails.

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