1-14 IAN Commodity Fund

 The Idaho State Department of Agriculture announced the Cessation of Commodity Indemnity Fund Assessments

Effective January 1, 2013.

 I’m not totally stupid but I have to confess that when it comes to language like that written above, I am completely in the dark.  So I called up   Dave Ogdenguy who is in charge of that issue over at the Idaho Department of Agriculture and asked  

 “ What does that mean? It means that we have stopped collecting assessments on purchases from growers and the reason being that as a commodity indemnity fund, when we collect this next orders worth of assessments which are coming in this month for the 4th quarter, we will be close to $12 million in the fund which is the statutory limit on the fund.” Effective January 1, 2013, all bonded warehouses and commodity dealers currently withholding assessments from purchase payments or contract settlement payments to Idaho commodity producers shall discontinue such withholdings and assessments.  Warehouses and commodity dealers shall continue to file Quarterly Indemnity Fund reports and Species reports on a quarterly basis to report total purchases from, and contract settlements with, Idaho commodity producers.