Farm Bankruptcies Spike

Farm bankruptcies jumped 55 percent from 2023 to 2024 and are climbing higher this year, driven by low commodity prices and high input costs. Tariff uncertainty, immigration policy changes, and delayed federal support are adding to the financial strain. According to the Federal Reserve Bank of Chicago, 4.3 percent of farm loans in its district had major or severe repayment issues in late 2024, the highest rate since 2020.