The number of farm bankruptcies in the U.S. made national headlines, as the Wall Street Journal reported farm belt bankruptcies are soaring.
The article showed first-hand perspective about the grueling economic situation farmers face.
The Wall Street Journal points out farm bankruptcies in the Midwest increased the most, with Wisconsin seeing 49 filings, much of that due to low milk prices. John Newton, chief economist for American Farm Bureau Federation (AFBF) put together a visual to show the financial pain.
While bankruptcies in the Midwest soared, overall, 2018 farm bankruptcies were actually down compared to 2017. However, as Newton pointed out, agriculture had fewer farms in 2018.
Newton discussed the increase in bankruptcies in certain regions on U.S. Farm Report.