US farmers are facing significant financial losses despite harvesting record corn and soybean crops, as elevated costs and dropping prices create a challenging economic landscape.
Agricultural economists estimate that in Illinois, farms could experience losses up to $30,000 in 2024, a stark reminder of the 1980s farm crisis.
Sterling Smith emphasizes that current prices for corn and soybeans fall well below the break-even levels, suggesting that many farmers may struggle financially next year.
The potential for new tariffs under Trump's administration could exacerbate the economic plight of farmers, as imports from major trading partners could face steep tariffs.
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