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Minnesota Farmer Testifies on MF Global Collapse

Minnesota Farmer Testifies on MF Global Collapse

Farm impact of trading firm bankruptcy hits six figures for this grower.

MINNEAPOLIS (AP) — A Minnesota farmer has testified before Congress about his losses in the collapse of commodities trading firm MF Global Inc.

Dean Tofteland raises corn, soybeans and pigs near Luverne in southwestern Minnesota. He has about $200,000 tied up with MF Global.

Sen. Amy Klobuchar says it's estimated that more than 100 Minnesota farmers and businesses who had critical accounts with MF Global have been unable to access their funds since the firm filed for bankruptcy in October.

Klobuchar invited Totfeland to testify Tuesday before the Senate Agriculture Committee. The Minnesota Democrat also planed to question former MF Global CEO Jon Corzine about happened to Minnesota farmers' and ranchers' funds. She says those responsible must be held accountable and better safeguards are needed to protect farmers' money.

TAGS: Soybean
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