American Farmers Face Economic Strain as Crop Prices Collapse

Farm groups are warning of deepening financial suffering across rural America, as corn and soybean prices continue to fall while production costs remain elevated.

The US National Corn Growers Association (NCGA) this week described “the economic crisis hitting rural America,” adding that corn prices have plunged more than 50% from their 2022 peak while input costs have barely moved, declining just 3%. 

The group said this imbalance is translating into a loss of 85% bushel, with an even more difficult year expected ahead. 

It urged Congress and the Trump administration to expand demand, including through higher ethanol blends and greater access to foreign markets.

The American Soybean Association (ASA) voiced similar concerns in a recent letter to President Donald Trump, warning that “U.S. soybean farmers are standing at a trade and financial precipice.” 

The group called on the White House to prioritize soybeans in negotiations with China by securing major purchase commitments and removing Beijing’s tariffs on US crops.

“Historically, the U.S. was the provider of choice for Chinese customers,” the ASA wrote. “However, due to ongoing tariff retaliation, our longstanding customers in China have and will continue to turn to our competitors in South America.”

Soybean prices have dropped about 40% since 2022. With China yet to purchase U.S. soybeans for the coming months, the ASA said growers are under “extreme financial stress” and warned that “U.S. soybean farmers cannot survive a prolonged trade dispute with our largest customer.”