State Agriculture officials have announced they have liquidated the grain-related assets of Prairie Pride, a bio-diesel plant located in southwest Missouri.
The action comes nearly a month after the State Agriculture Department suspended its grain dealer’s license after it could no longer meet its financial obligations. In a statement released by the department, the liquidation was necessary to insure that farmers receive payment for previously delivered soybeans. State Agriculture Director Jon Hagler says the department still hopes Prairie Pride can emerge from its financial trouble and honor its contracts.
Company officials in Deerfield have blamed their financial woes on the loss of bio-diesel incentives from Congress. Prairie Farms began production in late 2007, a $72 million plant, completely owned by producers with a goal of producing 30 million gallons of biodiesel annually.