Wednesday, November 28, 2018

Farm Bankruptcies Surpass Great Recession Levels in Upper Midwest: Is Trump to Blame?

An analysis by the Federal Reserve Bank of Minneapolis found that 84 farm operations in the upper Midwest filed for Chapter 12 bankruptcy from June 2017 to June 2018, reports Axios.

 The number of bankruptcies filed by these farm operations is double the total from 2014 and even surpassed the mark hit in 2010 at the peak of the Great Recession. Current price levels and trends suggest the number will continue to rise, according to the report.

Most of the farm bankruptcies were filed in Wisconsin at 50 total. Minnesota had 20 and South Dakota had 12. Both Montana and North Dakota each had one bankruptcy.

Agriculture commodity prices have flatlined over the last year — with prices freezing on soybeans, milk, corn and beef.

Notes Axios:
Farmers have also been hampered by President Trump's retaliatory tariffs on China, which particularly dampened foreign demand for U.S. soybeans.

1 comment:

  1. I watch this Agricultural week program on Saturday mornings. Milk has been in a problem status for a long time now. One sticking point is with the farm bill. As usual, the Democrats would like a permanent welfare class via the SNAP. Those evil right wingers would like to add a work requirement.