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... "They love their way of life, and they love that dirt," President Donald Trump said this week, in a somewhat off-piste response to a question on the importance of farmers. "They don't know how to do anything else, but they don't want to do anything else."
But the current storm of rising debt, declining commodity prices and labor shortfalls has begun to echo the great Farm Crisis of the 1980s and may be testing the love farmers hold for their profession.
Farm sector debt is expected to reach a record $561.8 billion in 2025, according to data from the U.S. Department of Agriculture, up 3.7 percent from 2024. The Kansas City Federal Reserve has attributed this primarily to increased lending for small- and mid-sized farms.
This growing financial pressure has also pushed up bankruptcies. Researchers at the University of Arkansas recently found that Chapter 12 filings"specifically for farmers and family fishermen"reached 88 in the first quarter of the year, nearly doubling the previous year's figure. ...
Tariffs Putting Pressure on Crop Prices
Boyd has been farming since the early 1980s, currently growing soybeans, corn and wheat across 1,500 acres in Virginia while raising 150 head of beef cattle. He told Newsweek that 2025 marked the first time in his career that he was unable to receive an operating loan, which provides farmers working capital needed to cover daily expenses, and blamed this on the trade policies of the current administration.
"I was turned down by banks for the simple fact of low commodity prices due to the president's tariffs," he said.
The higher costs for foreign importers have dampened foreign demand, leading to further reductions in the price of America's agricultural exports. Corn futures, as an example, have fallen about 15 percent since the start of the year, according to TradingEconomics. ...
