US farms in trouble? Falling crop prices, and diminishing incomes summing up to a potentially biggest farm recession in American history
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.
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-116549966»>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,
