Median farm income for U.S. farm households was negative $1,548 in 2018. - GoFuckYourself.com

Bladewire · 02-11-2019, 08:01 AM

Trump's tarrifs are not good for American businesses.

"U.S. farm debt—covering operations, land, equipment, livestock and more—last year climbed to more than $409 billion, according to a USDA forecast. That’s the largest sum in nearly four decades and a level not seen since the 1980s"

‘This One Here Is Gonna Kick My Butt’—Farm Belt Bankruptcies Are Soaring

A wave of bankruptcies is sweeping the U.S. Farm Belt as trade disputes add pain to the low commodity prices that have been grinding down American farmers for years.

Throughout much of the Midwest, U.S. farmers are filing for chapter 12 bankruptcy protection at levels not seen for at least a decade, a Wall Street Journal review of federal data shows.

Bankruptcies in three regions covering major farm states last year rose to the highest level in at least 10 years. The Seventh Circuit Court of Appeals, which includes Illinois, Indiana and Wisconsin, had double the bankruptcies in 2018 compared with 2008. In the Eighth Circuit, which includes states from North Dakota to Arkansas, bankruptcies swelled 96%. The 10th Circuit, which covers Kansas and other states, last year had 59% more bankruptcies than a decade earlier.

States in those circuits accounted for nearly half of all sales of U.S. farm products in 2017, according to U.S. Department of Agriculture data.

The rise in farm bankruptcies represents a reckoning for rural America, which has suffered a multiyear slump in prices for corn, soybeans and other farm commodities touched off by a world-wide glut, made worse by growing competition from agriculture powerhouses such as Russia and Brazil.

Trade disputes under the Trump administration with major buyers of U.S. farm goods, such as China and Mexico, have further roiled agricultural markets and pressured farmers’ incomes. Prices for soybeans and hogs plummeted after those countries retaliated against U.S. steel and aluminum tariffs by imposing duties on U.S. products like oilseeds and pork, slashing shipments to big buyers.

Low milk prices are driving dairy farmers out of business in a market that’s also struggling with retaliatory tariffs on U.S. cheese from Mexico and China. Tariffs on U.S. pork have helped contribute to a record buildup in U.S. meat supplies, leading to lower prices for beef and chicken.

Low prices and mounting farm debts have sparked fears of more farm closures to come, among both large-scale farms that grew rapidly on rented land and small farms run by families working multiple jobs.

For Nebraska farmer Kirk Duensing, filing for bankruptcy was a last resort, his only choice after several years of low corn and soybean prices meant too many bills he couldn’t pay.

Mr. Duensing has managed to keep farming, hiring himself out to plant crops for other farmers for extra income and borrowing from an investment group at an interest rate twice as high as offered by traditional lenders. Despite selling some land and equipment, Mr. Duensing remains more than $1 million in debt.

“I’ve been through several dips in 40 years,” said Mr. Duensing. “This one here is gonna kick my butt.”

More than half of U.S. farm households lost money farming in recent years, according to the USDA, which estimated that median farm income for U.S. farm households was negative $1,548 in 2018. Farm incomes have slid despite record productivity on American farms, because oversupply drives down commodity prices.

Chapter 12 bankruptcy, created during the 1980s farm crisis, allows distressed family farmers or fishermen to devise a plan to repay creditors over three to five years. Only farms with debts that don’t exceed about $4.1 million may file for the protection.

U.S. farm debt—covering operations, land, equipment, livestock and more—last year climbed to more than $409 billion, according to a USDA forecast. That’s the largest sum in nearly four decades and a level not seen since the 1980s, when farmland values plunged and interest rates skyrocketed, boosting debts and pushing many farmers and lenders out of business.

Nationwide, the volume of loans to fund current operating expenses grew 22% in the fourth quarter from year-ago levels, hitting a quarterly record of $58.7 billion, according to the Federal Reserve Bank of Kansas City. The average size of these loans rose to $74,190, the highest fourth-quarter level in history when adjusted for inflation, the bank said.

To stay in business, some farmers have sold second homes purchased during a prosperous period earlier in the decade. They or their spouses have sought off-farm jobs to bring in additional income or pay for health insurance. Others have shrunk their operations, giving up rented ground or selling equipment to lower debt loads. Those struggles are driving consolidation, shifting a greater number of acres under fewer, larger farms.

Agricultural lenders, bankruptcy attorneys and farm advisers warn further bankruptcies are in the offing as more farmers shed assets and get deeper in debt, and banks deny the funds needed to plant a crop this spring.

“We are seeing producers who are running out of options,” said Tim Koch, senior vice president at Omaha, Neb.-based Farm Credit Services of America, which lends to farmers and ranchers in Iowa, Nebraska, South Dakota and Wyoming.

He said bankruptcy filings among the bank’s customers doubled last year compared with 2017, though they still represent a tiny fraction of its overall portfolio. Anticipating the rough patch, the bank three years ago added 30 lenders to focus exclusively on stressed accounts, and dedicated a team of a dozen analysts to such accounts.

Curt Hudnutt, who oversees rural banking for Rabobank North America, one of the biggest U.S. farm lenders, said that while its losses have been minimal so far, the bank’s farm-loan portfolio is deteriorating and he expects bankruptcies to increase among U.S. farmers this year.

“We thought 2019 would be the year things turned around,” said Mr. Hudnutt. “Then the trade dispute happened and that really put a damper on things.”

Bladewire · 02-11-2019, 09:54 AM

American farmers are fucked and Trump supporters don't care. Sad

pimpmaster9000 · 02-11-2019, 10:09 AM

OP are you sure? trump promised there would be lots and lots of MAGA?!?...maybe you should go outside and check if there is MAGA...

King Mark · 02-11-2019, 10:10 AM

Quote:

Originally Posted by Bladewire

American farmers are fucked and Trump supporters don't care. Sad

Most of them eat roadkill. They don't give a shit about "big farma". Plus "big farma" brings mexicans. Mexicans bad.

#MAGA good

2MuchMark · 02-11-2019, 10:23 AM

Quote:

Originally Posted by Bladewire

Trump's tarrifs are not good for American businesses.

"U.S. farm debt—covering operations, land, equipment, livestock and more—last year climbed to more than $409 billion, according to a USDA forecast. That’s the largest sum in nearly four decades and a level not seen since the 1980s"

‘This One Here Is Gonna Kick My Butt’—Farm Belt Bankruptcies Are Soaring

A wave of bankruptcies is sweeping the U.S. Farm Belt as trade disputes add pain to the low commodity prices that have been grinding down American farmers for years.

Throughout much of the Midwest, U.S. farmers are filing for chapter 12 bankruptcy protection at levels not seen for at least a decade, a Wall Street Journal review of federal data shows.

Bankruptcies in three regions covering major farm states last year rose to the highest level in at least 10 years. The Seventh Circuit Court of Appeals, which includes Illinois, Indiana and Wisconsin, had double the bankruptcies in 2018 compared with 2008. In the Eighth Circuit, which includes states from North Dakota to Arkansas, bankruptcies swelled 96%. The 10th Circuit, which covers Kansas and other states, last year had 59% more bankruptcies than a decade earlier.

States in those circuits accounted for nearly half of all sales of U.S. farm products in 2017, according to U.S. Department of Agriculture data.

The rise in farm bankruptcies represents a reckoning for rural America, which has suffered a multiyear slump in prices for corn, soybeans and other farm commodities touched off by a world-wide glut, made worse by growing competition from agriculture powerhouses such as Russia and Brazil.

Trade disputes under the Trump administration with major buyers of U.S. farm goods, such as China and Mexico, have further roiled agricultural markets and pressured farmers’ incomes. Prices for soybeans and hogs plummeted after those countries retaliated against U.S. steel and aluminum tariffs by imposing duties on U.S. products like oilseeds and pork, slashing shipments to big buyers.

Low milk prices are driving dairy farmers out of business in a market that’s also struggling with retaliatory tariffs on U.S. cheese from Mexico and China. Tariffs on U.S. pork have helped contribute to a record buildup in U.S. meat supplies, leading to lower prices for beef and chicken.

Low prices and mounting farm debts have sparked fears of more farm closures to come, among both large-scale farms that grew rapidly on rented land and small farms run by families working multiple jobs.

For Nebraska farmer Kirk Duensing, filing for bankruptcy was a last resort, his only choice after several years of low corn and soybean prices meant too many bills he couldn’t pay.

Mr. Duensing has managed to keep farming, hiring himself out to plant crops for other farmers for extra income and borrowing from an investment group at an interest rate twice as high as offered by traditional lenders. Despite selling some land and equipment, Mr. Duensing remains more than $1 million in debt.

“I’ve been through several dips in 40 years,” said Mr. Duensing. “This one here is gonna kick my butt.”

More than half of U.S. farm households lost money farming in recent years, according to the USDA, which estimated that median farm income for U.S. farm households was negative $1,548 in 2018. Farm incomes have slid despite record productivity on American farms, because oversupply drives down commodity prices.

Chapter 12 bankruptcy, created during the 1980s farm crisis, allows distressed family farmers or fishermen to devise a plan to repay creditors over three to five years. Only farms with debts that don’t exceed about $4.1 million may file for the protection.

U.S. farm debt—covering operations, land, equipment, livestock and more—last year climbed to more than $409 billion, according to a USDA forecast. That’s the largest sum in nearly four decades and a level not seen since the 1980s, when farmland values plunged and interest rates skyrocketed, boosting debts and pushing many farmers and lenders out of business.

Nationwide, the volume of loans to fund current operating expenses grew 22% in the fourth quarter from year-ago levels, hitting a quarterly record of $58.7 billion, according to the Federal Reserve Bank of Kansas City. The average size of these loans rose to $74,190, the highest fourth-quarter level in history when adjusted for inflation, the bank said.

To stay in business, some farmers have sold second homes purchased during a prosperous period earlier in the decade. They or their spouses have sought off-farm jobs to bring in additional income or pay for health insurance. Others have shrunk their operations, giving up rented ground or selling equipment to lower debt loads. Those struggles are driving consolidation, shifting a greater number of acres under fewer, larger farms.

Agricultural lenders, bankruptcy attorneys and farm advisers warn further bankruptcies are in the offing as more farmers shed assets and get deeper in debt, and banks deny the funds needed to plant a crop this spring.

“We are seeing producers who are running out of options,” said Tim Koch, senior vice president at Omaha, Neb.-based Farm Credit Services of America, which lends to farmers and ranchers in Iowa, Nebraska, South Dakota and Wyoming.

He said bankruptcy filings among the bank’s customers doubled last year compared with 2017, though they still represent a tiny fraction of its overall portfolio. Anticipating the rough patch, the bank three years ago added 30 lenders to focus exclusively on stressed accounts, and dedicated a team of a dozen analysts to such accounts.

Curt Hudnutt, who oversees rural banking for Rabobank North America, one of the biggest U.S. farm lenders, said that while its losses have been minimal so far, the bank’s farm-loan portfolio is deteriorating and he expects bankruptcies to increase among U.S. farmers this year.

“We thought 2019 would be the year things turned around,” said Mr. Hudnutt. “Then the trade dispute happened and that really put a damper on things.”

Rochard · 02-11-2019, 10:34 AM

So much winning.

Bladewire · 02-11-2019, 11:22 AM

The farmers who grow our food are not making a profit AND are in massive debt. Slavery to the corporation

TheSquealer · 02-11-2019, 11:27 AM

Oh no no no... all economic news is 100% owned by Obama! Remember?

Dipshits.

King Mark · 02-11-2019, 11:32 AM

^ always wants to blame the melanated

TheSquealer · 02-11-2019, 11:39 AM

Quote:

Originally Posted by Dead Eye

^ always wants to blame the melanated

First of all you pathetic fuckwit, if you EVER called me racist to my face, i'd beat the living shit out of you.

Second, stop with the pathetic low IQ responses. Stop pretending like you're a piece of shit human being, because the world is "racist".

Stop attempting to include yourself in a tiny segment of one race who may have some legitimate complaint, where you have none at all, by using the word "melanated" to broaden the group to include yourself.

King Mark · 02-11-2019, 11:41 AM

^ you threatening with physical violence for calling you what you are? The same guy that calls everybody names that they aren't, every single day on here. Lulz.

You worse than these LGBQUIA+ pronoun Nazis.

Racist. You hate everything melanated. That's racist. Racist. And you're a pussy afraid of your racist reality. A racist pussy, if you will. Typical tumptard specimen.

Bladewire · 02-11-2019, 11:43 AM

Quote:

Originally Posted by Dead Eye

^ you threatening with physical violence for calling you what you are? The same guy that calls everybody names that they aren't, every single day on here. Lulz.

You worse than these LGBQUIA+ pronoun Nazis.

Racist. You hate everything melanated. That's racist. Racist. And you're a pussy afraid of your reality.

Most everyone here has him blocked

King Mark · 02-11-2019, 11:45 AM

I don't block people. I'm not a pussy, like ThePorker.

King Mark · 02-11-2019, 11:47 AM

Hypocritical Racist Pussy = ThePorker

Bladewire · 02-12-2019, 09:25 AM

Quote:

Originally Posted by Rochard

So much winning.

Shouldn't those who grow our food and teach our children be held in higher regard in our society?

Bladewire · 02-13-2019, 10:48 AM

Quote:

Originally Posted by 2MuchMark

Tough times for many Americans

Bladewire · 02-13-2019, 11:01 AM

Quote:

Originally Posted by crucifissio

OP are you sure? trump promised there would be lots and lots of MAGA?!?...maybe you should go outside and check if there is MAGA...

02-11-2019, 08:01 AM	#1
Bladewire StraightBro Industry Role: Join Date: Aug 2003 Location: Monarch Beach, CA USA Posts: 56,229	Median farm income for U.S. farm households was negative $1,548 in 2018. Trump's tarrifs are not good for American businesses. "U.S. farm debt—covering operations, land, equipment, livestock and more—last year climbed to more than $409 billion, according to a USDA forecast. That’s the largest sum in nearly four decades and a level not seen since the 1980s" ‘This One Here Is Gonna Kick My Butt’—Farm Belt Bankruptcies Are Soaring A wave of bankruptcies is sweeping the U.S. Farm Belt as trade disputes add pain to the low commodity prices that have been grinding down American farmers for years. Throughout much of the Midwest, U.S. farmers are filing for chapter 12 bankruptcy protection at levels not seen for at least a decade, a Wall Street Journal review of federal data shows. Bankruptcies in three regions covering major farm states last year rose to the highest level in at least 10 years. The Seventh Circuit Court of Appeals, which includes Illinois, Indiana and Wisconsin, had double the bankruptcies in 2018 compared with 2008. In the Eighth Circuit, which includes states from North Dakota to Arkansas, bankruptcies swelled 96%. The 10th Circuit, which covers Kansas and other states, last year had 59% more bankruptcies than a decade earlier. States in those circuits accounted for nearly half of all sales of U.S. farm products in 2017, according to U.S. Department of Agriculture data. The rise in farm bankruptcies represents a reckoning for rural America, which has suffered a multiyear slump in prices for corn, soybeans and other farm commodities touched off by a world-wide glut, made worse by growing competition from agriculture powerhouses such as Russia and Brazil. Trade disputes under the Trump administration with major buyers of U.S. farm goods, such as China and Mexico, have further roiled agricultural markets and pressured farmers’ incomes. Prices for soybeans and hogs plummeted after those countries retaliated against U.S. steel and aluminum tariffs by imposing duties on U.S. products like oilseeds and pork, slashing shipments to big buyers. Low milk prices are driving dairy farmers out of business in a market that’s also struggling with retaliatory tariffs on U.S. cheese from Mexico and China. Tariffs on U.S. pork have helped contribute to a record buildup in U.S. meat supplies, leading to lower prices for beef and chicken. Low prices and mounting farm debts have sparked fears of more farm closures to come, among both large-scale farms that grew rapidly on rented land and small farms run by families working multiple jobs. For Nebraska farmer Kirk Duensing, filing for bankruptcy was a last resort, his only choice after several years of low corn and soybean prices meant too many bills he couldn’t pay. Mr. Duensing has managed to keep farming, hiring himself out to plant crops for other farmers for extra income and borrowing from an investment group at an interest rate twice as high as offered by traditional lenders. Despite selling some land and equipment, Mr. Duensing remains more than $1 million in debt. “I’ve been through several dips in 40 years,” said Mr. Duensing. “This one here is gonna kick my butt.” More than half of U.S. farm households lost money farming in recent years, according to the USDA, which estimated that median farm income for U.S. farm households was negative $1,548 in 2018. Farm incomes have slid despite record productivity on American farms, because oversupply drives down commodity prices. Chapter 12 bankruptcy, created during the 1980s farm crisis, allows distressed family farmers or fishermen to devise a plan to repay creditors over three to five years. Only farms with debts that don’t exceed about $4.1 million may file for the protection. U.S. farm debt—covering operations, land, equipment, livestock and more—last year climbed to more than $409 billion, according to a USDA forecast. That’s the largest sum in nearly four decades and a level not seen since the 1980s, when farmland values plunged and interest rates skyrocketed, boosting debts and pushing many farmers and lenders out of business. Nationwide, the volume of loans to fund current operating expenses grew 22% in the fourth quarter from year-ago levels, hitting a quarterly record of $58.7 billion, according to the Federal Reserve Bank of Kansas City. The average size of these loans rose to $74,190, the highest fourth-quarter level in history when adjusted for inflation, the bank said. To stay in business, some farmers have sold second homes purchased during a prosperous period earlier in the decade. They or their spouses have sought off-farm jobs to bring in additional income or pay for health insurance. Others have shrunk their operations, giving up rented ground or selling equipment to lower debt loads. Those struggles are driving consolidation, shifting a greater number of acres under fewer, larger farms. Agricultural lenders, bankruptcy attorneys and farm advisers warn further bankruptcies are in the offing as more farmers shed assets and get deeper in debt, and banks deny the funds needed to plant a crop this spring. “We are seeing producers who are running out of options,” said Tim Koch, senior vice president at Omaha, Neb.-based Farm Credit Services of America, which lends to farmers and ranchers in Iowa, Nebraska, South Dakota and Wyoming. He said bankruptcy filings among the bank’s customers doubled last year compared with 2017, though they still represent a tiny fraction of its overall portfolio. Anticipating the rough patch, the bank three years ago added 30 lenders to focus exclusively on stressed accounts, and dedicated a team of a dozen analysts to such accounts. Curt Hudnutt, who oversees rural banking for Rabobank North America, one of the biggest U.S. farm lenders, said that while its losses have been minimal so far, the bank’s farm-loan portfolio is deteriorating and he expects bankruptcies to increase among U.S. farmers this year. “We thought 2019 would be the year things turned around,” said Mr. Hudnutt. “Then the trade dispute happened and that really put a damper on things.”

02-11-2019, 09:54 AM	#2
Bladewire StraightBro Industry Role: Join Date: Aug 2003 Location: Monarch Beach, CA USA Posts: 56,229	American farmers are fucked and Trump supporters don't care. Sad __________________ Skype: CallTomNow

02-11-2019, 10:09 AM	#3
pimpmaster9000 Too lazy to set a custom title Industry Role: Join Date: Dec 2011 Posts: 26,732	OP are you sure? trump promised there would be lots and lots of MAGA?!?...maybe you should go outside and check if there is MAGA... __________________ Report a suspicious cracker: Click Here

02-11-2019, 10:34 AM	#6
Rochard Jägermeister Test Pilot Industry Role: Join Date: Dec 2001 Location: NORCAL Posts: 73,297	So much winning. __________________ “The choice is no longer between right or left. The choice is between normal and crazy.” - Sarah Huckabee Sanders YNOT MAIL \| THE BEST ADULT MAILING SOLUTION

02-11-2019, 11:27 AM	#8
TheSquealer BANNED Industry Role: Join Date: Oct 2004 Location: In Your Head Posts: 25,113	Oh no no no... all economic news is 100% owned by Obama! Remember? Dipshits. __________________ . Yes, fewer illegal immigrants working equates to more job opportunities for American citizens. Rochard

02-11-2019, 11:22 AM	#7
Bladewire StraightBro Industry Role: Join Date: Aug 2003 Location: Monarch Beach, CA USA Posts: 56,229	The farmers who grow our food are not making a profit AND are in massive debt. Slavery to the corporation

02-11-2019, 11:32 AM	#9
King Mark So Fucking Banned Industry Role: Join Date: Aug 2016 Posts: 27,033	^ always wants to blame the melanated

02-11-2019, 11:41 AM	#11
King Mark So Fucking Banned Industry Role: Join Date: Aug 2016 Posts: 27,033	^ you threatening with physical violence for calling you what you are? The same guy that calls everybody names that they aren't, every single day on here. Lulz. You worse than these LGBQUIA+ pronoun Nazis. Racist. You hate everything melanated. That's racist. Racist. And you're a pussy afraid of your racist reality. A racist pussy, if you will. Typical tumptard specimen.

02-11-2019, 11:45 AM	#13
King Mark So Fucking Banned Industry Role: Join Date: Aug 2016 Posts: 27,033	I don't block people. I'm not a pussy, like ThePorker.

02-11-2019, 11:47 AM	#14
King Mark So Fucking Banned Industry Role: Join Date: Aug 2016 Posts: 27,033	Hypocritical Racist Pussy = ThePorker