President Donald Trump’s “America First” stance on trade has had an outsized impact on U.S. farmers, and now a Federal Reserve Bank of Minneapolis analysis has shown that a record number of farmers in the upper Midwest have filed for Chapter 11 bankruptcy.
According to Axios, a total of 84 farm operations in the region filed for bankruptcy from June 2017 to June 2018 — double the total from 2014 and even more than filed in 2010 at the peak of the Great Recession.
The report also said that current price levels and trends indicate the number will continue to grow.
The report examines filings from North Dakota, South Dakota, Minneapolis, Montana and Wisconsin.
Most of the farm bankruptcies were filed in Wisconsin at 50 total. Minnesota had 20 and South Dakota had 12. Both Montana and North Dakota each had one bankruptcy.
Agriculture commodity prices have flatlined over the last year — with prices freezing on soybeans, milk, corn and beef. Farmers have also been hampered by President Trump's retaliatory tariffs on China, which particularly dampened foreign demand for U.S. soybeans.