“A lot of farmers are baby boomers... They are being rational about what they want to do with their lives, and they don’t think the good times are coming back soon.'
The U.S. Farm Belt, already battered by low commodity prices, the trade war and mounting bankruptcies, is bracing for even worse times ahead.
‘Holding our breath’ It was a soggy spring and cool, wet summer, which left crops in the area easily two to three weeks behind schedule in terms of maturity, according to Zenk. Concerns about 2019 crops come as U.S. farm balance sheets already have been stretched thin by a handful of years of lower commodity prices. But early USDA forecasts for larger-than-expected corn production have contributed to pressure on prices while also drawing skepticism from producers and many analysts.
Milk prices have risen in 2019, with September milk Class III futures DAU19, -0.27% trading at $18.20 a hundredweight Wednesday, marking a 9% year-to-date gain. Analysts have attributed gains in part to falling dairy cow inventories, which have contributed to slower growth in milk production. “Farms went into this slump with pretty built-up cash cushions,” Mahon told MarketWatch in a recent interview. “The concern is that the cash cushion has been worn down quite a bit. Not as many farms are positioned to withstand another year of low incomes.”
“We are shipping practically nothing. We don’t have markets. We don’t have crops,” said farmer and farm advocate Ruth Ann Karty, of Clarkfield, Minnesota.
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