'This One Here Is Gonna Kick My Butt'--Farm Belt Bankruptcies Are Soaring

[question everything]

This discussion thread was locked as off-topic by Omaha Steve (a host of the Latest Breaking News forum).

Source: WSJ

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... 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.

(snip)

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.”

Read more: https://www.wsj.com/articles/this-one-here-is-gonna-kick-my-buttfarm-belt-bankruptcies-are-soaring-11549468759

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[DirtEdonE]

1. Good

They voted for the traitor. Fuck 'em. They're getting exactly what they deserve.

[TxVietVet]

3. Like many others in the middle class,

they voted for MF45 and now they are paying the price.

KARMA'S a bitch.

[DirtEdonE]

5. Yep!

The former middle class that is.

Stupidity is its own reward, as they are so painfully learning.

[mahina]

40. ? You want us to lose all that? How do you know

How he voted?

The harm won’t land just on trump voters.

It will land on everybody.

[pazzyanne]

48. Thank you, mahina!

I was just going to post this myself. I hate when people are painted with a broad brush without facts being presented.

[mahina]

72. Right? It makes no sense that food keeps getting more costly and farmers get less and less.

There’s no “them”. We’re all “us”.
🤙🏼

[Maxheader]

50. People in this country don't understand how tough

farming can be...Aand...There are many farmers that despise
cheetoz...

Here is a tip....You don't want to have to rely on other country's
to feed you, if the americun farmer goes belly up...

[2naSalit]

58. Also don't want all your food to come from

Monsanto ans Simplot.

[DirtEdonE]

65. The rain falls on the good and the evil

But there was much more evil in the heartland during the last election as I remember it. They voted for the orange shit-stain en masse. Now they're getting what they deserve for their utter stupidity. We're getting it too, I know. But that's how the system works when you allow a loser, traitor, lying bastard like donald trump to win.

[darbus]

52. Agreed!

[DirtEdonE]

66. +1

[2naSalit]

57. Great and he will sell the farm to a huge ag corp...

That's never a good outcome.

[DirtEdonE]

68. Farmers should have taken that into consideration

When the majority of them went to the polls and voted for trump.

Maybe they can get a job at the huge ag corp - you know, those jobs Americans don't want yet don't want to see those brown people from south of the border doing.

[The Velveteen Ocelot]

2. And yet, most farmers continue to support Trump.

https://www.agweb.com/article/farmers-beat-steady-drum-of-support-for-trump/?mkt_tok=eyJpIjoiWTJVeU5UWTBaR1ZpTnpsaSIsInQiOiJHNHZ0Uk13anYrZElTV0hVR1FITEl1dG9MRGFBRU9jM2hiTUpoKzlcL1ZMQlwvcmw1Wjh1cXZPN0VUUzFreThyVkZPeFVrVTRiSk1kRU44VldERmZ6dFJzWXNqd1dLZHk3cVBTRGhmSWduTDBaS2tDYmxDUkg4OW9qVjh4NGt2Z1wvZiJ9

[Ligyron]

7. Absolutely unbelievable isn't it?

How the PTB tricks large numbers of Americans into voting directly against their own interests has got to be the story of the century.

[Wellstone ruled]

24. Do follow Ag Week as well as a couple other

Farm related news sites. And yes,these Farmers are still kissing Trump's fat ass. Have to remeber,in that last Tax Give away,most of these Farmers will be paying zero Taxes. And the ones whom leveraged themselves beyond their estimated asset Values,well, they are toast. But,Chapter 12 is the latest gift that keeps on giving. Like Trump,they can use the Bankruptcy Court to discharge their FSA Guaranteed debt and do Debtor in Possession .

What this will boil down to is this,Cargill,ADM and Bunge will just control more of the Farm Economy with the loser's becoming minimum wage farm hands,much like the 1980's.

[lark]

73. Was that the idea all along?

Are the tariffs just part of the plan to make us more dependent on oligarchs and take land away from individual farmers? Someone told drumpf to do this and probably paid him to do it since everything he does is ultimately for his own benefit or Russia's.

[Lucky Luciano]

41. It's all Obama's fault

It’s all Obama’s fault that 45 had to start a trade war. If only a non-cuck president were in power, we would have been dominating the Chinese. Instead, we had Obama’s weakness which forced us to take this extreme measure and now I have to pay the price because of that black president!

—Stupid tr&@p supporting farmer

[Honeycombe8]

43. The soybean farmers & maybe others got federal assistance in 2018.

Trump got billions from Congress to give to them.

[The Velveteen Ocelot]

44. But they got only a small fraction of the assistance they were promised.

Still, they support Trump.

[Honeycombe8]

45. Maybe because it was the prior trade deals that caused the pricing issues to begin with?

I don't know.

But Trump sure hasn't fixed things, like he promised. But then, what would Democrats do? The thing is...do they have a better choice?

[PatrickforO]

49. I think you all should read the comments.

I only saw one comment out of the seven pages I looked at that was for Trump. The rest were negative.

Maybe it is a flawed poll?

[Nay]

62. Of course they're negative NOW. Their oxen are being gored at the moment. Trump was

only supposed to do this to the libtards.

[Eliot Rosewater]

51. Any politician willing to legislate hatred and death for LGBTQ, POC and women they will vote for

and will never not vote for.

When I say they I mean those who are obviously still supporting him.

Hate is strong but I am surprised it is stronger than hunger.

[sprinkleeninow]

4. "But hey, ya know what? I still support the tainted tangerine I proudly voted for

and will do so again if need be."

Yeah, boy1!11

[Aristus]

6. "Cuz he pisses off th'libtards!"

Yeah. Hope that eases the sting of bankruptcy, idiot...

[sprinkleeninow]

8. Their irrational 'rationale'.

I cannot wrap my brain around any and all of this daily sick experience.

[keithbvadu2]

9. Drives libruls crazy

Drives libruls crazy

[sprinkleeninow]

22. Mother does not have a fabric cover with ruffles on her good book? 🤔

[keithbvadu2]

31. Those are saved for their Trump U course materials.

Those are saved for their Trump U course materials.

[sprinkleeninow]

33. 😄

[Cha]

15. Pride goeth before

bankruptcy by trump.

[sprinkleeninow]

20. That's it. All puffed up, then poof!

Mahalo, Cha!

[Cha]

21. Aloha, sprinkleen!

[PeeJ52]

10. There's another bragging point for tRump over Obama

Highest farm bankruptcies in over 10 years. Make America Grate Again!!!

[Takket]

11. Quit whining and pull yourself up by your bootstraps drumpf voters

Maybe you can offer your services as a painter or carpenter. Right???

[berni_mccoy]

12. One thing Bankruptcy doesn't get you out of: paying taxes...

many of these bankruptcies involve people who are having to pay more in taxes under the "Tax Cuts and Jobs Act" bullshit.

[czarjak]

70. Tax Act and Job Cuts?

Party of the Rich!

[Joe Nation]

13. Farmers aren't all of one mind and some are caught up in this nonsense

Imagine, being a farmer, hating Trump and everything he and his administration does and losing your farm to bankruptcy because of the Trump Administration policies. I know farmers that are some of the smartest people you've ever met and some that are as dumb as the dirt they till.

One common thread that most of these farmers have in common is that they have a hard time seeing the value of the way others choose to live. They have plenty of admiration for their own lifestyles but little understanding or empathy for the lifestyles of the "city dwellers", which is anyone that doesn't farm.

I know a few things for certain:

- Corporate farming is not your friend
- Farming is damn hard work and an admirable lifestyle
- Choosing to live and work and raise kids in an urban environment is an enriching experience
- You can find drug abuse anywhere you go city or a rural area
- America is better when rural and urban Americans work together and respect each other

I think what this country needs is less division and more mutual understanding.

[Achilleaze]

18. Well said!

[SWBTATTReg]

27. Nailed it! nt

[sprinkleeninow]

35. Have always had deep respect for those in farming.

First cousin's grandparents owned a dairy farm in the 'country'. Loved going there and visiting the cow barn. Even stepping in pasture pastries.

But on the whole, it seems reasonable to think that a good number, mb a majority, of farming people voted for *. Or that's my take on it.

It's an honorable way of life. * is capable of desecrating every thing.

[question everything]

59. Thank you for your wise words

I am bothered by all the schadenfreude expressed here. Even if they voted for Trump, we should try to reach them.

We need to reach the farm and the rust belts.

[TexasBushwhacker]

14. Mr Duensing must have one big ass farm

If he was able to borrow $1 Million against it. Growing corn and soy, I'm sure he's gotten millions in federal subsidies over the years too. I have more sympathy for farmers with smaller operations.

[GulfCoast66]

55. You can't profitably grow grain on a small farm.

Most of my farmers friends who grow grain have at least 600 acres. Most farm a lot more counting the land they lease.

Need a new combine to harvest that grain? Break out the checkbook and shell out between $300,000 and $500,000 dollars. And don’t forget the tractors, spray rigs, plows, discs, planters and so on. And if you multicrop you need a corn picker and maybe a hay rake and baler if you can’t grow grain on all your land. And the grain bins you need to store the grain. Farmers often have several million dollars tied up in equipment.

When your equipment cost that much you can’t pay the bills on a small farm. Even in good years. In Western Kentucky where my friends live land is often over 5K per acre. Which means a 1000 acre farm is worth around 5 million for the land alone, not counting all the equipment. I’d imagine really good land in Iowa, Illinois or anywhere on the Delta is worth a whole lot more.

Stabile foreign markets are key to making farming a viable business. Trump destroyed that.

Even family farms are big business. Their worst business decision was their presidential vote.

The idea that there are small farmers trying to make it on 80 acres is just not reality.

[Botany]

16. Trump " ... you're gonna get sick of winning."

Last edited Thu Feb 7, 2019, 10:08 AM - Edit history (1)

[Achilleaze]

17. KGOP republicans are systematically undermining American security

they are deliberately weakening America. The republicans & russians have cursed our land and farms by installing Dirty Donny, their ignoble Draft-Dodger-in-Chief.

[riversedge]

19. Trade disputes over agriculture add pain to low commodity prices that have been grinding down Americ

I suspect many farmers--and their spouses are having second thoughts about voting for trump next time around


Trade disputes over agriculture add pain to low commodity prices that have been grinding down American farmers for years

[BigmanPigman]

23. Don't farmers get subsidies too?

As an artist and as a teacher I was broke and never once got subsidies from the govt. I did have a functioning brain and researched candidates and educated myself with FACTS....therefore WOMP WOMP!

[question everything]

60. I think that it goes back to the New Deal

The reality is that we do need farmers to produce our food and if subsidies would help keep them, then we do so. Often the subsidies were to support price of milk, for example, if the market price was too low.

As much as I admire your functioning brain it is not a national need.

[Submariner]

25. I some reporter going to ask Trump if he is aware of the bankruptcies

or will the so-called reporter worry about future access? Chickens.

[hibbing]

26. While my inherited money governor praises tiny hands

It really is amazing how blinded some people can be.

Peace

[OxQQme]

28. I smell a slow takeover by big ag.

Buy up all the littles and corner the market.
No worries about environmental and commerce departments.
They're in 'good' hands now.

Organic farms have a hard enough time finding 'safe' land.

Soylent Green next?
yuck

[durablend]

29. Those farmer are really stickin it to teh libs now--heh heh

[randr]

30. Wanna bet on which friend of Trump is gonna make a killing

on foreclosures? China or Russian could gain control of American ag.

[IronLionZion]

32. WTF? There are plenty of liberal/Dem farmers

and many moderates or nonpolitical types who also did not vote for Trump. There are Native American and Black and Hispanic farmers, who definitely didn't support Trump.



Democrats in Minnesota are DFL, for Democratic Farmer Labor.

[Bengus81]

34. Probably but not in Kansas so much. Many Counties in western Ks went 90%+ for Trump

[MontanaFarmer]

36. While I agree largely with some of your responses to this article

Please do remember that there are plenty of us out here who hate this man, his policies, and the hell it's wrought on our industry. Like you, i'm completely baffled that my neighbors and friends, in some cases, continue to support this man.

A bright side, if there is one in all this, is I believe trump has had some effect on a small revival of the rural left. More cooperatives are springing up, in everything from community centers to breweries. Truth-in-labeling, while being slaughtered at the federal level, in some cases is being revived in the states. And some of those friends and neighbors, not all, but some, have seen through not only trump's bs, but the Republican fencerow-to-fencerow ag policies that have led to this era of consolidation.

Frankly, there are many policies supported by both right and left that I despise in today's ag world, and I think that this is an area that the left has ceded for far too long to the GOP. There are good ideas out here about how to stop this onslaught of farm consolidation. It's one of the reasons i'm glad to see senator klobuchar get into the race; she has depth of knowledge in ag policy and can fill that void in the primary contest. Sherrod brown as well. Thanks for reading, sorry that got so long.

[question everything]

61. Thank you for your input. We need more farmers who speak from personal expericne

and knowledge.

And welcome to DU. I know that your contributions will be valuable.

[MarcA]

69. Thank you. Big business/small farms observation.

It would seem that in matters of mass production/processing of raw materials
that the big business model has met the need. Processing and production of
raw materials for communities in the larger sense seem better met by co-ops
and community business. How to integrate these communities without using
the big business model seems like a interesting and important approach.

[Evolve Dammit]

37. Tired of winning?

Only the best... When will these folks wake up? Keep listening to Limbaugh, Coulter, Hannity, Jones, Savage, Hewitt et al. Yeah, that'll fix the socialist libruls. I listen occasionally just to re-affirm the 30 years of fascist hatred continues to dominate the AM airwaves. I still can't believe Limbaugh is broadcast daily on Armed Forces radio. No wonder we are where we are, now. A few might realize they were conned, but most won't let their pride admit they were.

[world wide wally]

38. That's a real shame, but...

Now you have the liberty to be a racist, a bigot, and cuss in public as much as you want. You can discriminat and grab 'em by the pussy (if you're a local star anyway).
Who cares about your personal finances? MAGA, dude.

[Ferrets are Cool]

39. More good news for Corporate Farming.

[Vinca]

42. And they'll line right up to vote for the orange anus again.

[noneof_theabove]

46. Generations of

land owning families are now wiped out.

Guess who has a blank check at the auction?

BIG AGRI-BUSINESS.

You know, the ones that killing use by polluting everything we eat, drink and breath.

Now follow the money up the chain.
They are controlled / owned by none other than Monsanto/Bayer, Archer Daniels Midland, and about 3 or 4 more.

We are approaching "peak capitalism" where everything is owned by 3 people.
Moe, Larry and Curly.
Everything get all upside down and backwards.

[ffr]

47. What, the $12B welfare check wasn't enough?

Maybe STOP VOTING FOR ASSHOLES!

Elect only Democrats. If you can't spell that, just mark the box next to any candidate with a (D). We'll all be better off!

[Apollyonus]

53. Who woulda thunk this here might coulda happen?

[sfwriter]

54. so much winning...

[zentrum]

56. The thing is, it's been ten

...years and then with this final blow from trade.

Those ten years really matter.

In many cases it was those ten years that drove them to Trump in the first place because the usual economic systems were failing them and they have no real, accurate, economic analysis.

Capitalism Unregulated is the devourer. It is inhumane. We need to be on the European model of regulated, socialist-capitalism. This is what's advocated by OAC, Bernie and more and more Democrats.

[LogicFirst]

63. Did all of these

Farmers vote for Trump?

[Dawson Leery]

64. They got what they voted for.

No pity whatsoever. It is time that the conservative learns to live by their own words.

[rpannier]

67. HA! HA! HA!

To those who didn't punch the ballot for Clinton

[DallasNE]

71. When You Drive Thru The Country Around Omaha

There are fields that have not yet been harvested. Since our weather during harvest season was pretty good the only logical reason for not harvesting is that you have no market for the crop so you don't go to the expense of even harvesting it. And it is not just 1 or 2 fields either.

[Omaha Steve]

74. After a review by forum hosts...locking.

Analysis.

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