By Michael Snyder | 6 June 2019
END OF THE AMERICAN DREAM — 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. […]