Although the November General Election has come and gone, the voting period is not over for farmers and ranchers across the Lone Star State. Voting still is open for the statewide grain producer referendum to establish a grain indemnity fund.
The Texas Grain Indemnity Fund Referendum, if approved by farmers of corn, soybeans, grain sorghum and wheat, will provide a safety net for farmers should grain elevators fail in the future.
The program is funded through grain farmers who will pay a small fee each time they sell grain. In return, those farmers who suffer losses due to a grain failure can make a claim to the fund and receive compensation for up to 90 percent of their loss.
According to the Texas Department of Agriculture, the fund will be overseen by the Texas Grain Producers Indemnity Board, which has been appointed by Texas Agriculture Commissioner Todd Staples. The board is comprised of farmers, grain buyers and bankers.
The way the fund is designed, if there are no grain elevator failures and the fund reaches a certain amount, the money will be returned to the farmers.
Grain farmers may vote for the Grain Indemnity Fund at their local Texas A&M AgriLife Extension office. Ballots are due to the Texas Department of Agriculture by Dec. 7.
Ballots are expected to be counted by Dec. 17 and the results will be verified by Staples. To find your local Texas AgriLife Extension office, visit http://counties.agrilife.org.