The House Agriculture Subcommittee on General Farm Commodities and Risk Management heard testimony on the state of the farm economy last Thursday. Northfield, Minnesota farmer Mike Peterson testified before the committee. “With the continuing slump in commodity prices, financial stress continues to grow. Farm debt is at an all time high. Most farmers I know have burned through their equity they built up the good years,” explained Peterson. “We are now seeing an increase in Chapter 12 bankruptcies in Minnesota. Unless we get our markets back and prices rebound, I think many farmers will be forced out of business.” Peterson also said input costs have not turned lower as they have in other time of low commodity prices.
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