CONDE, S.D. (WNAX) – Farm bankruptcies in the United States have risen 8 percent between June of 2019 and June of 2020 with a total of 580 reported. That’s very concerning to South Dakota Farmers Union President Doug Sombke.
He says while farmers and ranchers are suffering, the entire U.S. economy is in real trouble.
Sombke says it’s not just crop farmers hurting, but livestock producers are also facing steep losses that don’t seem to be ending.
The Midwest, Northwest, and Southeast are the regions hit the hardest by bankruptcies accounting for 80 percent of the total U.S. filings. Wisconsin leads the way with 69 filings, Nebraska is second with 38 and Minnesota and Georgia are the next highest tied with 34 each.