Farm loan delinquencies surge in U.S. election battleground Wisconsin
Source: Reuters
Politics
September 5, 2019 / 7:30 PM / Updated 2 hours ago
Jason Lange, P.J. Huffstutter
5 Min Read
WASHINGTON/CHICAGO (Reuters) - Farm loan delinquencies rose to a record high in June at Wisconsins community banks, data showed on Thursday, a sign President Donald Trumps trade conflicts with China and other countries are hitting farmers hard in a state that could be crucial for his chances of re-election in 2020.
The share of farm loans that are long past-due rose to 2.9% at community banks in Wisconsin as of June 30, the highest rate in comparable records that go back to 2001, according to a Reuters analysis of loan delinquency data published by the Federal Deposit Insurance Corporation.
While the number of seriously delinquent farm loans is rising nationwide, the noncurrent rate has more than doubled at Wisconsins community banks since Trump took office in January 2017. It now stands higher than in any other of the top 10 U.S. farm states as measured in production - a list that includes California, Iowa and Texas.
Nationwide, the share of farm loans at all FDIC-insured banks that are at least 90 days past due or are no longer accruing interest because of repayment doubts stood at 1.5% at the end of June, the FDIC data showed.
Read more: https://www.reuters.com/article/us-usa-election-wisconsin-farmers/farm-loan-delinquencies-surge-in-u-s-election-battleground-wisconsin-idUSKCN1VQ2Y1
riversedge
(69,722 posts)..............................Dave Daniels, a corn and dairy farmer in Kenosha County, Wisconsin, voted for Trump in 2016 and still supports the president.
Slideshow (2 Images)
The drop in grain prices has helped his dairy by making it cheaper to buy feed for his animals. But neighboring grain businesses are suffering and there are few signs of things getting better ahead of the 2020 election year.
The trade deals are in the back of everyones mind right now, said Daniels, 64. The thing everyone is saying is, we have to make some money this year.
Trump, a Republican, won Wisconsin in 2016 by just over 20,000 votes - less than 1% of ballots cast. The state backed Trumps predecessor, Democrat Barack Obama, in the 2008 and 2012 elections.
........Jim Zimmerman, a corn farmer in Fond du Lac County, Wisconsin, said he was still holding out hope that they could be better off in the long run.
Zimmerman, who voted for Trump in 2016, said it was too soon to decide how - or if - he will vote in November 2020.
But talk to me in six months, and if nothing is resolved? Itll be a different story, he said.
SergeStorms
(18,895 posts)that even if the tariffs end they're never getting that business back from China. The Chinese do hold grudges, and if they're getting those products from another country now they won't come back to American farmers just because Little Donnie ends his "good, and easy to win" trade war. Maybe they'll consider it after Trump is gone, but it's probably going to take a decade or so.
TeamPooka
(24,155 posts)BlueIdaho
(13,582 posts)Now we know.
modrepub
(3,469 posts)That might explain their support
yaesu
(8,020 posts)AllyCat
(16,035 posts)Yet more enraged that they continue to support the one who brought this to their doorstep.
FiveGoodMen
(20,018 posts)then they deserver EVERYTHING they get.
If not, then I feel bad for them.
AllyCat
(16,035 posts)FiveGoodMen
(20,018 posts)Takket
(21,424 posts)They got what they voted for. They should be happy.
mopinko
(69,806 posts)the number of dairy farmers going under.
keeping a running body count on fb.
ewagner
(18,964 posts)and yet....the red hats keep showing up....
mopinko
(69,806 posts)a lot of them will stay home.
if they cant suppress the vote in milwaukee, you will be back in the blue. fingers crossed.
Grins
(7,134 posts)Highest (delinquency) rate...back to 2001?
So....Obama was better? (Hell - Bush was better!) Tell that to the mango tyrant just to watch his head explode!
SergeStorms
(18,895 posts)I guess the only people taking advantage of agrarian socialism are the big corporate farmers. The small family farms, all but wiped out anyway, are getting the shaft from Trump's payola scheme? Who could have guessed that would happen?
EarthFirst
(2,877 posts)ananda
(28,783 posts)way messed up in their thinking and belief systems.
I guess you could call it magical thinking and it
never works.
ewagner
(18,964 posts)here in Wisconsin....
I saw two things that killed the small farmer and consequently a lot of equipment manufacturers...
First was the consolidation of farms...the 60-80 cow family dairy farm couldn't compete with the large 1,000+ cow dairies and the processing plants were able to cut their transportation costs by having only one or two sources to transport from insteat of 6-10 sites/farms.
The Second was "vertical integration" by the end customers...when the end user like chain convenience stores and large chain grocery stores started building their own mega farms (5,000 + cow) and processing their own milk the,00y put a lot of dairy farms (including some independent 1,000 cow operations) out of business.
We have approximately the same number of dairy cows but MUCH fewer farms...and depressingly fewer dairy farmers.
ck4829
(34,977 posts)The way they see the world is more important than how the world works.
Farmer-Rick
(10,072 posts)Farmers better start making other plans. Just like the school lunch markets got taken away from local farmers; just like hospital produce markets were taken away from small farmers; just like the majority of grocery store markets have been taken away from local, smaller farmers, Chinese grain markets have been taken away and wont be coming back thanks to Traitor Trump.
Growing GMO soybeans, rice and wheat is not rocket science. All you need is lax regulations, Round Up, poisonous pesticides, chemical fertilizers, GMO seeds, house sized combines, loans or stolen wealth and lots of empty flat land. You don't even have to do any real work. Just spray, spray and spray all those chemicals all over that soon to be food.
China has already developed other markets and routes to obtain their needed grains. Remember China is not a real capitalist economy like the US. The country actually plans its markets and does not apply "free" trade fairy dust to its economic system.
Farmers better start hunting down new markets or do what small local farmers have done........go away.
keithbvadu2
(36,364 posts)NickB79
(19,113 posts)When all the farmers go looking for bank loans for 2020's seed, fertilizer, fuel and equipment and get rejected.
Yeehah
(4,524 posts)Stupid gets what stupid deserves.