U.S. farm bankruptcies rose nearly 20 percent last year amid the trade war with China, trailing only 2010, the year following the Great Recession when such bankruptcies rose 33 percent.
Recently released U.S. Courts data show there were 595 Chapter 12 family farm bankruptcies in 2019, up nearly 100 filings from 2018, and the highest number of filings since 2011’s 637 filings for Chapter 12.
Economic analysts for the American Farm Bureau Federation said considering there are slightly more than 2 million U.S. farms, the bankruptcy rate in 2019 is approximately 2.95 bankruptcies per 10,000 farms, slightly below a rate of 2.99 filings per 10,000 farms in 2011.
President Donald Trump said at the AFBF Annual Convention and Trade Show in Austin, Texas, earlier this month, he authorized $28 billion in aid to farmers, which was stretched out over the past two years, but the trade war with China and uncertainty about the trade market have still hurt farmers.
Farmers received most of the $28 billion in aid directly and about $4 billion was used for surplus food for food banks and groups that promote agricultural aid.
The aid payments boosted farm income projected to be up 10 percent in…
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