By Tom Polansek and P.J. Huffstutter
CHICAGO, Feb 3 (Reuters) – The chair of the U.S. Senate’s agriculture committee warned on Tuesday that farmers were suffering heavy losses, while more than two dozen former industry leaders sounded the alarm about the risk of a “widespread collapse of American agriculture” ahead of a $12 billion government bailout expected to reach growers this month.
For three years, the costs of seed, fertilizer and other farm inputs rose, while plentiful grain supplies limited profits for farmers, economists said. Then, President Donald Trump returned to office last year, sparking trade disputes that disrupted U.S. crop exports and immigration crackdowns that increased labor costs and left some farms with crops rotting in fields.
Many farmers are now bracing to potentially lose money for a fourth consecutive year. Tough credit conditions are forcing those with limited cash flows to make decisions about what acres to plant and how much fertilizer to buy, economists said.
BY THE NUMBERS
(Reporting by Tom Polansek and PJ Huffstutter; Editing by Lisa Shumaker)
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