In February 2008, after the agriculture department suspended his license, Kniepmann told the News-Democrat that souring corn and soybean prices had hurt his and other grain operations. At that time, corn prices had jumped from $2.50 a bushel to $5.50 a bushel between the beginning of 2007 and 2008. Soybeans are up from $6 a bushel to $13 a bushel, and wheat has jumped $3 a bushel to $9 a bushel in that span.Clinton County Court found that Kniepmann's clients "did not have reasonable opportunity to understand the terms of [their] contract."
According to records from Clinton County Circuit Court, at the time its license was revoked, The Grain Exchange assigned all contracts to Consolidated Grain & Barge Co., which was doing business as Granite Grain of Cahokia. Three clients filed a lawsuit against both companies because as The Grain Exchange assigned contracts to Consolidated Grain & Barge Co., the prices of grain had risen and made the contracts less favorable to the plaintiffs.
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