South Dakota leaders are concerned about the state of the farm economy with the ongoing trade war and now the disastrous crop season. Governor Kristi Noem says the historical prevented plant acreage will mean fewer dollars in the economy with less seed, fertilizer and herbicide purchases. However, the state is at an even bigger risk of farmers going out of business with the current economic pressure.
Noem says some wins in the trade arena would help the farm economy, including passage of the USMCA and ending the year-long trade war with China.
South Dakota Secretary of Agriculture Kim Vanneman, who formerly worked for Farm Credit Services, says the ag finance community is already fearing there may be problems ahead with renewals for the year ahead.
Vanneman says disaster aid and USDA assistance like the Market Facilitation Program payment will hopefully help farmers bridge into next season, even though it won’t make them financially whole.
