Minnesota farmers take on more debt for spring planting

Minnesota farmers take on more debt for spring planting Photo: KSTP/Joe Mazan

February 11, 2019 07:04 AM

Many Minnesota farmers who have suffered years of low crop prices are taking on more debt to begin spring planting while trade tensions and tariffs drag on.

Minnesota Public Radio News reports that the Federal Reserve Bank of Minneapolis found poor crop prices and trade woes "dealt a financial blow to farmers from July through September."

Advertisement

More from KSTP.com:

Many Minnesotans forced to work outside in subzero temps, including farmers

Minnesota farmers feel financial pinch in government shutdown


Many growers were struggling before 2018. University of Minnesota research determined that 2015 through 2017 were the worst three consecutive years for farm earnings in roughly two decades.

The bank says the growing number of Upper Midwest farms filing for bankruptcy follows low prices for corn, soybeans, milk and beef. Farmers' financial prospects have worsened since June due to retaliatory tariffs closing the Chinese market for soybeans and holding back milk and beef exports.

Connect with KSTP


Join the conversation on our social media platforms. Share your comments on our Facebook, Instagram, and Twitter pages.

Credits

The Associated Press

(Copyright 2019 by The Associated Press. All Rights Reserved.)

Advertisement

Mayor pushing public safety reforms after 3 Minneapolis homicides in 1 week

Lacrosse festival focuses on mental health, honoring Archer

Metro police departments' pilot program works to better help those with mental health needs

Sheriff: Teen killed after tree falls on him in Barron County

Mostly nice and sunny weekend, storms possible early Sunday

So Minnesota: History of Cold Spring's Grasshopper Chapel

Advertisement