Family farms that fall into credit: Results, low prices for corn, sausage, milk and meat meat; Increased farm ban on the rise in Upper Midwest



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The number of farms that apply for bankruptcy can be # 39; growing throughout Upper Midwest. According to a new analysis of the Minneapoli Army Reserve Bank, the shift has low cost insulation for corn, sausage, milk and meat.

The survey found that 84 farms were submitted for a break in Wisconsin, Minnesota, North Dakota, South Dakota and Montana in the last 12 months in June. That is over doubling the number over the same period in 2013 and 2014.

"Current rates of prices and the struggle of current trends show that this trend is not seen largely," said Ron Wirtz, a Minneapolis Fiery analysis.

The increase in Chapter 12 records reflects low prices for corn, sausage, milk and meat, the Star Tribune recitation. The situation has become worse for farmers since June due to the recalling tariffs that have expired Chinese market for bee-seine and its; Hold exports of milk and meat meat. Breaking Chapter 12 is designed for farmers and family fishermen and payment of debt over three years.

"Currently dairy farmers have the biggest problems," said Mark Miedtke, president of the Citizens State Bank in Hayfield. "Farms have been awarded low prices for the last three years but high results have helped them. We just wait for a response. We wait for it A terrible case to go. "

Miedtke said the problem started before trading, with farmers being too effective for the good financial and demand that did not comply with the result.

"The picture may start this spring," said Miedtke. "We will do our best to try to work with farmers."

© 2018 Interactive CBS CBS All rights reserved. This material may not be published, broadcast, transcribed or transcribed. The Associated Press added this report.

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