The Telegraph-Herald of Dubuque, Iowa is running a series looking at the impact of the recession on farmers. On Sunday, the first article focused on how lower commodity prices are affecting producers. According to the article, “[n]othing was perfect. Prices plummeted. Pork producers battled the effects of the poorly named "swine flu," and natural disasters nipped at profits. Yet through it all, farmers seemed to be semi-sailing through the stormy economic climate -- until now.” USDA is estimating that farm profits will fall by 38% and net farm income will fall this year. Finally, the article focuses on the struggles faced by Wayne Dieter over the past year to keep his farm in business. To view the article by Bekah Porter, click here.
Today’s article focuses on farmers’ fears that we could be on the verge of repeating the farm financial crisis of the 1980s. The article highlights the struggles faced by farmers in the 1980s. With tractor and equipment sales declining, drop in the value of farm products, and a decline in agricultural land values many argue we maybe heading towards the 1980s again. But Jim Endress, a Farm Business Management and Marketing educator with the University of Illinois Extension, points out “I think we very well might be on the edge of a recession, but time will tell if it will be as bad as some people are expecting," he said. "For now, a good many people seem to be in a lot stronger position financially than they were in the '80s."
Click here to view Monday's article by Bekah Porter.
The series will conclude with a look at local Iowa farmers. Click here to view the series on the Telegraph-Herald's website.
Posted: 09/21/09
