CME Group Provides Family Farmer Fund

CME Group Provides Family Farmer Fund

I’m KayDee Gilkey with the Northwest Farm and Ranch Report.

CME Group established a 100-million dollar Family Farmer and Rancher Protection Fund - which is now available to farmers and ranchers who were affected by the failure of PFG Best this July. Those who qualify must apply for benefits by Friday, October 5th.

CME Group Chief Operating Officer Bryan Durkin says the fund is really targeted to family farmers and ranchers and family farming and ranching co-ops - including those farmers and ranchers impacted by the collapse of PFG Best this summer.

Durkin: “To qualify individual farmers, ranchers and cooperatives need to register with us. They also need to demonstrate their eligibility by providing us with copies of certain tax forms that document their farming income. Farmers and ranchers who were impacted by the failure of PFG need to register no later than 5 p.m. Central time on Friday, Oct. 5th so that we can begin paying benefits during the fourth quarter of this year.”

Durkin says effected individuals or cooperatives can go to www.cmegroup.com/familyfarmerfund to register.

Durkin: “The protection of our customers and the integrity of our markets have been our primary concern during this process. Now this fund is a targeted first step to help family farmers and ranchers who hedge price risks in CME Group markets. We know this fund is not the whole answer.”

I’m KayDee Gilkey with the Northwest Farm and Ranch Report on the Northwest Ag Information Network.