Farmers Face Crisis as Corn and Soybean Prices Drop

Farmers across the U.S. are struggling as corn and soybean prices drop sharply while costs to run their farms stay high. Many say they won’t survive if trade disputes—especially with China—drag on much longer.

Corn and Soybean Prices Fall

• Corn prices are down more than 50% from their peak in 2022.

• Soybean prices have dropped about 40% in the same time.

• Meanwhile, costs for fuel, fertilizer, and equipment are more expensive.

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The National Corn Growers Association says farmers are losing around 85 cents per bushel and warns that next year could be even worse.

The American Soybean Association is also calling for urgent action, asking the White House to repair trade ties with China. Farmers say they need China—once their biggest buyer—to start purchasing U.S. soybeans again.

Trade Tensions Hurt U.S. Farmers

Because of tariffs, Chinese buyers are now turning to Brazil for soybeans. With harvest season approaching, China hasn’t committed to buying any U.S. soybeans in the coming months.

Other countries in Asia, like Indonesia and Bangladesh, have pledged to buy more U.S. crops, and discussions with Vietnam, the Philippines, and Thailand could open new markets. But those gains aren’t enough to make up for the loss of Chinese demand.

Finances Getting Worse

A Federal Reserve survey shows farmers are under increasing pressure:

• Many have less cash available.

• More are taking out loans.

• Between 30% and 50% of banks in farm-heavy regions report more farmers falling behind on payments.