As described in a previous FarmDoc Daily article here MF Global failed on October 31, 2011 with a shortfall in customer funds of $1.2 billion (since increased to $1.6 billion) affecting approximately 38,000 futures accounts. A large percentage of these accounts were held by individuals and entities in the agricultural sector.

The bankruptcy trustee has returned approximately 72 cents of every dollar that should have been in those customer accounts at the time of the failure. The outcome of the remaining 28 cents, which combined across all 38,000 accounts adds up to that billion-dollar-plus figure, is still an open question. The deadline for former customers to file formal claims with the bankruptcy court was January 31. However, recent news reports indicate a number of firms have stepped forward and are offering to buy the bankruptcy claims of former MF Global customers.