(KMVT/KSVT) — Farm loan delinquencies have hit a nine-year record high on Farm Service Agency loans issued through the Department of Agriculture according to the AP.
The cause has been attributed to low commodities prices, and in part, ongoing trade disputes that have resulted in high tariffs on crops such as soybeans and other grains. While delinquencies on farm service loans have hit a record level across the country, it's important to note that Gem State agriculture is unique, especially because of the state's diverse crop portfolio. University of Idaho agriculture economist Garth Taylor says it's interesting when looking at the bankruptcy figures for farms across the country.
"The Farm Bureau reports that in 2018 there were six chapter 12 bankruptcies in the state of Idaho, in comparison there were 49 in the state of Wisconsin," Taylor says.
There's also some positive news coming out of the U.S. Department of Agriculture. Net farm income for the year 2019 is projected to be close to $7 billion, that's an increase of 10 percent from the previous year.