While the U.S. stock market is soaring to new record highs, farmers are having trouble paying their bills.
While the U.S. stock market is soaring to new record highs, farmers are having trouble paying their bills in the heart of America’s agricultural sector.
Farm household spending and capital spending both declined, with bankers in the Kansas Fed’s region saying they expect the trends to continue.Farmers have struggled to escape a downturn that began in 2013, a slump made worse by President Trump’s trade war with China, Mexico and Canada that cut exports and depressed already low prices, while extreme weather including flooding, a freeze, and drought early in 2019 added to farming woes.
“It’s very, very concerning,” Alejandro Plastina, the Iowa State agricultural economist who conducted the study, told the Des Moines Register. “It’s getting harder and harder for farm operations to cash-flow their business.” Nationwide U.S. farm bankruptcies in September surged 24% to their highest level since 2011 amid strains from President Trump’s trade war with China and a year of wild weather.
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