Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Farm bankruptcies on the rise in Upper Midwest
Trump's trade tax hikes are killing American family farms
Link to tweet
Donny Ferguson 🗽 Retweeted
Trade war fallout: The number of farms filing for bankruptcy is increasing across the Upper Midwest, following low prices for corn, soybeans, milk and beef.
Link to tweet
U.S. News
Farm bankruptcies on the rise in Upper Midwest
yesterday
MINNEAPOLIS (AP) The number of farms filing for bankruptcy is increasing across the Upper Midwest, following low prices for corn, soybeans, milk and beef, according to a new analysis from the Federal Reserve Bank of Minneapolis. ... The analysis found that 84 farms filed for bankruptcy in Wisconsin, Minnesota, North Dakota, South Dakota and Montana in the 12 months that ended in June. Thats more than double the number over the same period in 2013 and 2014. ... Current price levels and the trajectory of the current trends suggest that this trend has not yet seen a peak, said Ron Wirtz, an analyst at the Minneapolis Fed.
The increase in Chapter 12 filings reflect low prices for corn, soybeans, milk and beef, The Star Tribune reported. The situation has gotten worse for farmers since June because of the retaliatory tariffs that have closed the Chinese market for soybeans and held back exports of milk and beef. Chapter 12 bankruptcy allows for repayment of debt over three years.
Dairy farmers are having the most problems right now, said Mark Miedtke, the president of Citizens State Bank in Hayfield. Grain farmers have had low prices for the past three years but high yields have helped them through. Were just waiting for a turnaround. Were waiting for the tariff problem to go away.
Miedtke said the underlying problem began before the trade issues, with farmers being too efficient for their financial good and demand not keeping pace with the production. ... The picture could start changing this spring, Miedtke said. We do what we can to try to work with farmers.
___
Information from: Star Tribune, http://www.startribune.com
Farm bankruptcies on the rise in Upper Midwest
yesterday
MINNEAPOLIS (AP) The number of farms filing for bankruptcy is increasing across the Upper Midwest, following low prices for corn, soybeans, milk and beef, according to a new analysis from the Federal Reserve Bank of Minneapolis. ... The analysis found that 84 farms filed for bankruptcy in Wisconsin, Minnesota, North Dakota, South Dakota and Montana in the 12 months that ended in June. Thats more than double the number over the same period in 2013 and 2014. ... Current price levels and the trajectory of the current trends suggest that this trend has not yet seen a peak, said Ron Wirtz, an analyst at the Minneapolis Fed.
The increase in Chapter 12 filings reflect low prices for corn, soybeans, milk and beef, The Star Tribune reported. The situation has gotten worse for farmers since June because of the retaliatory tariffs that have closed the Chinese market for soybeans and held back exports of milk and beef. Chapter 12 bankruptcy allows for repayment of debt over three years.
Dairy farmers are having the most problems right now, said Mark Miedtke, the president of Citizens State Bank in Hayfield. Grain farmers have had low prices for the past three years but high yields have helped them through. Were just waiting for a turnaround. Were waiting for the tariff problem to go away.
Miedtke said the underlying problem began before the trade issues, with farmers being too efficient for their financial good and demand not keeping pace with the production. ... The picture could start changing this spring, Miedtke said. We do what we can to try to work with farmers.
___
Information from: Star Tribune, http://www.startribune.com
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 842 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (4)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Farm bankruptcies on the rise in Upper Midwest (Original Post)
mahatmakanejeeves
Nov 2018
OP
Deja vu of the Bush 2008 housing crash, now Corps'll end up owning family farms instead of houses.
stuffmatters
Nov 2018
#2
Golden Raisin
(4,608 posts)1. But will they still vote Trump/Complicit Republicans?
stuffmatters
(2,574 posts)2. Deja vu of the Bush 2008 housing crash, now Corps'll end up owning family farms instead of houses.
At firesale prices. Another win win for Wall Street(Big Ag this time) and hollowing out of the middle class.
Dan
(3,543 posts)3. Thoughts and prayers....