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Home Business & Finance Economic Policies

US farms recession: US farms in trouble? Falling crop prices, and diminishing incomes summing up to a potentially biggest farm recession in American history todayheadline

December 21, 2024
in Economic Policies
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US farms recession: US farms in trouble? Falling crop prices, and diminishing incomes summing up to a potentially biggest farm recession in American history
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The agricultural forces in the United States are slowly giving up on themselves, with decreasing incomes and falling of crop prices becoming the biggest issues for farmers across key agricultural regions in the US.

Is the United States nearing a farm recession?

According to a Wall Street Journal report, farmers in northeastern North Dakota, reportedly, possess 3,000-acre of agricultural farm, which have produced corn, soybeans, canola and rye. However, the saddening part is that it has generated losses of thousands of dollars. Prices of agricultural raw products, that are the most essential part of farming practice, have gone up significantly in the last decade. For starters, a bag of seed that cost $150 a few years ago, is now being reportedly priced at a whopping $230, which is an alarming rate of increase in terms of prices.

Donald Trump concerned about rising agricultural product prices

The current state of prices are laying ground for the inception of a farm recession in the United States, and even lead to scarcity of agricultural and organic products in the country. Donald Trump, who is the upcoming President-elect, has taken due note of the issues around the farming practices in the US in the past few months, has even met farmers and heard their plight. He has even announced that various agricultural products imported from Canada and Mexico, will be facing strong tariffs from his administration, when he assumes the role of US President in January, 2025.

FAQs:

Is the US undergoing a recession?
As of now, the stock markets are not facing any effect of recession, and it has been an overall banner year for the markets, domestically as well as internationally, as per reports

Are agricultural product prices rising?
Yes, farming products like seeds and fertilizer are seeing a massive price increase in the recent decade, as per reports. This is more like a farming inflation in the United States.

Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.

Tags: agricultural tariffs USAmericanAmerican agricultural crisisbiggestcropDiminishingDonald Trump agriculture policyFallingfalling crop pricesfarmfarm income declinefarming inflationfarmsHistoryincomesNorth Dakota farmersorganic product scarcitypotentiallypricesrecessionseed prices increasesummingtodayheadlinetroubleUS farms recession
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