Farm bankruptcies in the Cornhusker State on a double-digit decline
A Western Corn Belt state has one of the lowest farm bankruptcy rates in the nation.
Data from American Farm Bureau shows Nebraska had a double-digit drop in Chapter 12 filings in 2021, which is tied for second lowest behind Iowa.
Nebraska USDA Farm Service Agency Executive Director John Berge says it’s partly because of $2 billion administered through farm loans to help producers manage risk. “Whether you’re using our resources for an operating loan or an ownership loan, our job is to make sure you know how to do a cash flow. You know how to do a business plan. You know how to look at your operation and determine what is profitable and what is not.”
He tells Brownfield interest rates and input costs could impact profitability next year, but he’s optimistic about overall financial health. “I think that we’ve seen some real evening in commodity markets. We’re going to see, I think, some evening in inflation, but I think time will tell.”
AFBF says the Midwest – Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, North Dakota, Nebraska, Ohio and South Dakota – had the largest decrease in filings last year.
Data for 2022 will be released next year.