The combination of the wettest planting season in U.S. history, a catastrophic trade war with China and economic conditions that are brutal for small farms has produced a “perfect storm” for U.S. farmers. Farm bankruptcies have already risen to the highest level in 7 years, but many expect that they will soon surge to all-time record highs. Due to the incredibly wet weather, millions upon millions of acres of prime U.S. farmland will not be planted with crops at all this year. And millions of acres that do get planted will yield a lot less than usual because of the wretched conditions. Meanwhile, the U.S. will export far less corn and soybeans than usual this year due to our trade conflicts with China and Mexico. With much less international demand, U.S. farmers are going to have an increasingly difficult time trying to make a profit on anything they are able to grow. In the end, thousands of farmers will not be able to recover from this crisis and will be forced out of the industry for good. (Read More...)
Soybeans
Due To Cataclysmic Flooding, Millions Upon Millions Of Acres Of U.S. Farmland Will Not Be Planted With Crops This Year
It looks like 2019 could be the worst year for U.S. agriculture in modern American history by a very wide margin. As you will see below, millions upon millions of acres of U.S. farmland will go unused this year due to cataclysmic flooding. And many of the farmers that did manage to plant crops are reporting extremely disappointing results. The 12 month period that concluded at the end of April was the wettest 12 month period in U.S. history, and more storms just kept on coming throughout the month of May. And now forecasters are warning of another series of storms this week, and following that it looks like a tropical storm will pummel the region. As Bloomberg has pointed out, we have truly never seen a year like this ever before… (Read More...)