As a fourth generation Mississippi farmer, I grew up knowing that I worked in a field full of risks. When the weather cooperates, prices dive. When prices are great, foreign markets collapse, sending prices into a sudden nosedive. It’s always something. However, it wasn’t until I actually set out on my own in farming in 2011 that I fully understood just how financially exposed farmers are when they put a crop in the ground.
American wheat farmers lose close to $1 billion in revenue each year because certain countries are violating trade rules under the World Trade Organization (WTO) agreements, according to a new study.
USDA forecasts that when all is said and done, American farmers will have a combined farm income that is less than half of what it was just two years ago. This alone is staggering. But it may well mark just the beginning of a depressed farm economy the effects of which may very well adversely impact the entire sector and cascade across other sectors of our economy.