The number of farm bankruptcies was up the Midwest in 2018. American Farm Bureau Chief Economist John Newton says even though total Chapter 12 farm bankruptcy filings in the U.S. were down last year, compared to 2017, the Midwest bucked the overall trend.
He says there were a variety of factors that led to the farm bankruptcies in 2018, including the trade war and low commodity prices.
Newton says the farm financial outlook for 2019 also looks uncertain at this point.
He says the protein sector is facing stiff competition with big pork and poultry numbers and continued expansion in the beef herd. In the grain sector, Newton says soybean prices are still depressed, but corn did show a profit for many farmers in 2018 as big yields made up for the lower prices.
