Grain Indemnity Fund reaches goal

Sep 03, 2019


An important milestone has been reached for Tennessee farmers as the Tennessee Grain Indemnity Fund recently surpassed the minimum balance of $10 million. The TGIF will suspend further assessments from grain producers following this achievement. 

A 1989 law passed by the Tennessee Gen- eral Assembly oversaw creation of the fund in order to protect grain producers against the financial failure of grain dealers and ware- houses.

“It’s rare for a grain dealer or warehouse to fail,” Agriculture Commissioner Charlie Hatcher, D.V.M. said. “However, with the current challenges of trade, weather, and markets, farmers don’t need any additional uncertainty. That’s why it’s important to maintain this fund in support of Tennes- see agriculture.”

The Tennessee General Assembly passed an amendment to the Tennessee Commodity Producer Indemnity Law in 2011, increasing the minimum fund balance to $10 million. In its existence, the fund has paid $958,996 in claims to 76 producers for losses sustained as a result of a grain dealer or warehouse failure.

For more information, visit www.tn.gov/ag- riculture/businesses/business-development/ ag-businesses-grain-indemnity.html. 

Read More News

Feb 27, 2024
The Tennessee Department of Agriculture (TDA) is now accepting applications for the United States Department of Agriculture (USDA) Specialty Crop Block Grant Program (SCBGP).
 
Feb 19, 2024
Tennessee Farmers Cooperative (TFC) is proud to announce the 2024 4-H T-Shirt Design Contest. Contest winners will receive a prize, and the winning designs will appear on t-shirts that may be sold at local Co-ops and Stockdale’s. A percentage of the sales of the shirts will be donated to 4-H by the Tennessee Farmers Cooperative Foundation.
 
Feb 12, 2024

The Tennessee Department of Agriculture (TDA) announces the addition of Sarah Emery as the Director of Pick Tennessee Products. A native of Dyersburg, Tenn., Emery brings an array of education, experience, and enthusiasm to this leadership role.