Farm loan delinquencies surge in U.S. election battleground Wisconsin

[Eugene]

Source: Reuters

POLITICS SEPTEMBER 5, 2019 / 7:30 PM / UPDATED 10 MINUTES AGO

Farm loan delinquencies surge in U.S. election battleground Wisconsin

Jason Lange, P.J. Huffstutter
5 MIN READ

WASHINGTON/CHICAGO (Reuters) - Farm loan delinquencies rose to a record high in June at Wisconsin’s community banks, data showed on Thursday, a sign President Donald Trump’s trade conflicts with China and other countries are hitting farmers hard in a state that could be crucial for his chances of re-election in 2020.

The share of farm loans that are long past-due rose to 2.9% at community banks in Wisconsin as of June 30, the highest rate in comparable records that go back to 2001, according to a Reuters analysis of loan delinquency data published by the Federal Deposit Insurance Corporation.

While the number of seriously delinquent farm loans is rising nationwide, the noncurrent rate has more than doubled at Wisconsin’s community banks since Trump took office in January 2017. It now stands higher than in any other of the top 10 U.S. farm states as measured in production - a list that includes California, Iowa and Texas.

Nationwide, the share of farm loans at all FDIC-insured banks that are at least 90 days past due or are no longer accruing interest because of repayment doubts stood at 1.5% at the end of June, the FDIC data showed.

That marked the highest rate since 2012 but only about half the rate seen at community banks in Wisconsin.

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Read more: https://www.reuters.com/article/us-usa-election-wisconsin-farmers/farm-loan-delinquencies-surge-in-u-s-election-battleground-wisconsin-idUSKCN1VQ2Y1

[doc03]

1. The steel industry picked up some the last couple

years but now customers have started to find steel in other counties not affected by the asshole's tariffs. Now the steel mills Trump supposedly brought back are laying off. The coal mines are continuing to close. I see mountains of soy beans rotting outside at the grain storage places in Ohio.

[Farmer-Rick]

2. Something a talking head said on TV that is true

Last edited Sat Sep 7, 2019, 08:40 AM - Edit history (1)

The farmers who have lost their Chinese markets are NOT going to get them back. Other markets and routes have already been created to replace them.

It's not as if GMO soybean, rice and wheat can't be grown practically anywhere. Round Up, artificial fertilizers, poisonous pesticides, excessive underground water irregation and GMO seeds make growing grains easy enough, especially with house sized combines. It doesn't take talent, brains or experience. Just needs lax regulations, lots of empty, flat land and loans or stolen capital.

Just like our manufactoring jobs, Chinese grain markets are not coming back. American Farmers need to decide what they are going to do with all that land now.

[doc03]

3. I read where manufacturing has piked up slightly but manufacturing jobs were good paying

union jobs in the past. Now new manufacturing jobs don't pay a living wage, so where is the gain. Just as well
have service jobs, I sure don't want to work in a steel mill for $10 an hour.

[Farmer-Rick]

4. Exactly,

Even if farmers get those markets back it won't be at the same lucrative price and quantities. China will not go back to the table pretending all is back to normal.

Just like those once good paying union job in manufacturing that now pay $10 an hour, grain sales to China are not going to be the money maker they once were.