Farm bankruptcies on the rise in Upper Midwest

[workinclasszero]

Yesterday / AP

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. That’s 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.

https://apnews.com/70498f1fe7af463284c3706b65032cf6

[dalton99a]

1. Okay, Obama did it

Maybe Hillary

[workinclasszero]

4. Trump's tariffs are showing their teeth now

Sorry Trump voting farmers.

Democrats tried to save you but you insisted on being taken to the cleaners by a failed GOP businessman con.

What more to say? Enjoy seeing Big Ag companies buy up the family farm I guess.

[Sneederbunk]

2. A tough way to identify with Dotard.

[SWBTATTReg]

3. Doesn't really say if issue(s) forcing them into Chapter 12 are caused by mismanagement,

or other factors, besides market trends, such as low prices. One thing brought up in article is that farmers are too efficient!! Perhaps more of these farmers going out of business is a good thing (is this what the article trying to say indirectly)?

+++

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.

[workinclasszero]

5. From the story at the link...

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.

https://apnews.com/70498f1fe7af463284c3706b65032cf6

[SWBTATTReg]

7. Yes, I read that. We already know that low prices were here. I wanted more info. nt

[elfin]

6. Hard to compete with CAFOs?

Wonder about that. They seem successful enough to infest places near everywhere and not just Iowa. A scourge.

[elfin]

8. Probably not relevant in this case. But I still hate them and am happy to blame them for everything.

[Iliyah]

9. But, CNN interviewed "farmers" prior to the 2018 mid-term elections AND

they claimed they still supported t-rump, believed in him, and know in the "long" run everything will work out well for them.

They are still waiting. Meanwhile, companies are closing in the USA and or moving or both, and they are not taking the USA's employees with them.

Cost of living is high. Property is high, and yet, us middle class and poor are paying for the 1-2%er's tax cuts/breaks.

But, corporate media keeps saying how strong and wonderful the economy is.

[workinclasszero]

12. Yeah I just read an article in a Detroit paper

The thought was, thank God we have full employment now so these auto workers can find jobs right away.

Like these UAW high paying, great benefit union jobs are all over the place right?

They will find jobs alright. Non-union, 12 bucks an hour if they are lucky, and zero benefits.

A far cry from what they are used to.

[Achilleaze]

10. "We accept full responsibility for this disaster." - republicans

as if republicans ever accepted responsibility for any of their massive screw ups. This mess is on them, and everyone knows it, even though the republicans will lie and deny.

[Squinch]

11. Wow. You really DO reap what you sow!

[violetpastille]

13. I derive no harm joy.

I'm not going to buy these clearance priced farms for pennies on the dollar.

I am seeing no slashing of prices at the grocery store.

I'm being hurt by Trump as we all are. I went from walking in high cotton to cutting my own hair and making my own laundry detergent in 15 months. Everyone who isn't .05 percent is being hurt.

We are all reaping this whirlwind.

[Wellstone ruled]

14. The evedence of this happening

has been building for more than a year. Our Ag acquaintances were talking about this probability more than a year ago. Yet they jumped on the Rethug Train and bought the round trip ticket's to this show.

The Farm Equipment companies,which there are really three left to choose from,were offering no interest financing as well as dirt cheap leasing programs for their new equipment. Well guess what,Deere Sales were up 27% most of it with these new financing options. Case IH similar numbers,Ford New Holland same ball park. Couple of things also happened in the Mid West,CRP programs were changed causing more land to be put in production,FSA rules on future Operations Financing changed to promote higher yield plantings as well as the greater usage of the Grain Futures Marketing Programs which caused markets to go south,and then Trump blew everything up with his Kudlow-Ross Tariff crap.

Now these same Acquaintances were counting on the Tariff Adjustment Payments and that just blew up this week when they are only getting half of the promised payment and it amounts to only pennies.

Most have Tax payments due by the end of the week and the Check book is darn near empty and the Bins are full and nobody buying.

[malaise]

15. More winning

Rec