Iowa Grain Dealer's License Suspended

This photo from Sept. 12, 2012 shows a stream of corn, ground up for animal feed, being whipped up by strong winds in Arapahoe, Neb. The latest update on the worst U.S. drought in decades shows that farmers bringing in their weakened corn crops had some relief with recent rains that soaked much of middle America. The weekly U.S. Drought Monitor map released Thursday, Sept. 13, 2012 shows two-thirds of Iowa now in extreme or exceptional drought, the two worst categories. (AP Photo/Nati Harnik)

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By Richard Pratt

KANAWHA, Iowa (AP) — The grain dealer license for Verified Grains Inc. in Kanawha has been suspended.

The Mason City Globe Gazette reports that the Iowa Department of Agriculture and Land Stewardship issued the suspension, citing Verified Grains' failure to file accurate monthly financial statements to the Department. The department also says Verified failed to meet minimum net worth requirements.

Verified Grains president David Wilcox said Friday morning that he is in the process of turning over documents to Iowa officials to reinstate the license, saying "it'll be taken care of next week."

A revocation hearing has been set for July 12 in Des Moines on the matter.

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