Report says farm bankruptcies up in Nebraska, Iowa

Agriculture

Two combinee harvest soybeans in rural Blair, Neb., Thursday, Oct. 17, 2019. (AP Photo/Nati Harnik)

(AP) – A new report says farm bankruptcies have risen in Nebraska and Iowa.

The American Farm Bureau Federation shows Chapter 12 bankruptcies rose 24% nationwide over the previous year. The report covers the 12 months ending Sept. 30. The report cited severe weather and trade disputes among the problems faced by farmers.

There were 37 farm bankruptcies in Nebraska and 24 in Iowa over those 12 months — a year-over-year increase of six in Nebraska and 10 in Iowa.

The highest number of farm bankruptcies was in Wisconsin, with 48. Nebraska tied for second with Georgia and Kansas.

The report cites the U.S. Department of Agriculture estimates that farms will bring in $88 billion in 2019 — 29% below the record set in 2013.

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