Farm Bankruptcies Expected to Increase

With today's ag economy and a farm bill dating back to 2018 producers are being forced to adapt. Country Financial Agency Manager, Doug Yoder breaks down how farmers are responding and what changes need to happen moving forward.

“There's a report published earlier this year that the farm bankruptcies in 2024 were 55% higher than in 2023 and went on to say this year 2025 the projections are even worse. So that's sort of tough economic times. Obviously makes all farmers push the pencil, sharpen the pencil, and make some tough decisions about what to spend money on and what they need to cut back on. So that's never a fun environment. And, you know, so and we're still dealing with a farm bill that's now seven years old. It you know, we're looking at completely different marketing scenarios and completely different economic scenario than when this thing passed originally, back in 2018 so it's another reason that we desperately need Congress to give us an updated, more timely Farm Bill.”

Yoder reminds farmer listeners about the importance of working closely with a crop insurance agent.

“I would just encourage your listeners to make sure they stay in contact with their with a crop insurance agent for everything we just talked about. If you know potential replant information, potential Prevent Plant information. Obviously, they have to get their acreage report submitted by July 15.”

Doug Yoder with Country Financial.