US farmers face painful recession as diesel nears record $6.53

  • John Yeley and other farmers report severe financial pressure across the agriculture sector.
  • Diesel reached $6.53 nationally, while Illinois averaged $6.82 as of Friday.
  • Farm bankruptcies increased 20% in the 12 months ending in June.

U.S. farmers are confronting a painful recession driven by diesel prices near a recent all-time high of $6.53, fertilizer costs as much as 50% higher over the past year, elevated interest rates and disrupted export markets. Illinois farmer John Yeley, whose family has owned its farm since 1852, is uncertain whether he will turn a profit on corn and soybeans this season and has seen three farmers in his county go under. California produce grower Sammy Tookey has raised prices but remains unsure whether farming can support a future family. Farm bankruptcies rose 20% in the 12 months through June, while farmers and agriculture groups are seeking a new farm bill (a broad U.S. agricultural policy law) that would raise federal farm-loan limits. Proposed measures may not provide immediate relief to producers harvesting crops now.

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