The 40th Farm Aid benefit concert is being held on Saturday as the economic outlook for rural America is the gloomiest it’s been in decades.
Meanwhile, about two-thirds said they are more concerned about their financial situation compared to a year ago, with 58% postponing equipment purchases, 38% reducing fertilizer applications and 22% looking for more off-farm income.
That’s as crop prices have plunged from their 2022 peak, while production costs remain near record highs.
Meanwhile, export demand has suffered amid President Donald Trump’s trade war, which has hit certain crops especially hard.
The group said U.S. soybean farmers cannot survive a prolonged trade dispute with China and urged Trump to prioritize soybeans in talks with Beijing.
But on Friday, Trump didn’t mention anything about agricultural exports after a call with Chinese President Xi Jinping. Prices for soybeans, corn and wheat all fell yesterday.
“It’s tough, and I can hear it in the stress in our members’ voices. Our members and our board of directors are really concerned right now,” Censky, who served as deputy agriculture secretary in Trump’s first term, said. “Some say if things don’t turn around, if we don’t get markets back or if we get economic assistance — which is not our first choice — this could be their last year in farming. That’s pretty scary.”
