Indiana to help farmers manage harvest risks

INDIANA (WLFI) - Plenty of Hoosier farmers are facing yield loss, market uncertainty and price fluctuations after the drought took a big hit this summer.

The Indiana State Department of Agriculture wants to encourage all Indiana producers to talk to their grain elevators about their delivery concerns due to potentially reduced yields, and what options might be available for them.

Farmers have financial protection through the Indiana Grain Indemnity Fund from licensed grain elevators unable to pay.

The fund is overseen by the Indiana Grain Buyers and Warehouse Licensing Agency (IGBWLA). Since 1998, Indiana grain farmers have received more than $4.4 million when grain companies were unable to make payments to farmers.

The fund is an insurance fund paid by farmers to protect producers in the event of a grain business failure.

Today, farmers are protected by the fund for 100 percent of stored grain and 80 percent on other transactions, but only if they are doing business with licensed entities.

More than $14 million is made available to grain farmers, but they need to be aware of the responsibilities, rules and regulations.

To be covered by the fund, a farmer must do business with a licensed grain company. To find out if your dealer is licensed, head to the fund’s website .

Farmers looking for more resources due to loss from this year’s drought should head to Indiana’s drought website .