The House Agriculture Committee convened a hearing Tuesday to hear from farmers and rural lenders about the state of financial conditions in farm country.

Chairman Glenn “GT” Thompson (R-PA) painted a depressing picture in his opening remarks. “Declining prices and cash receipts, escalating natural disasters, and increasing input costs have created a perfect storm that will compromise the foundation of our agricultural economy. We are living through the largest two-year decline in farm income in history,” said Thompson. “At the end of 2024, total farm sector debt will be the highest the U.S. has seen since at least 1970. Most farmers and ranchers, including those here with us today, are likely to be worse off financially by years’ end.”

The president of the Minnesota Corn Growers was one of the witnesses presenting testimony at the hearing.

“Unless conditions change, I believe we’re heading into a perfect storm, a storm that I don’t think will be fully appreciated until early next year when farmers try to get loans but are unable to do so because they cannot demonstrate the ability to cash flow,” said Dana Allen-Tully, Ph.D., owner of a diversified family farm near Eyota, Minnesota, speaking on behalf of the National Corn Growers Association and state groups.

“We have to have policies in place that reflect the realities of farming today,” Allen-Tully said. The stakes of farming are so incredibly high – higher than I ever remember them to be. We are putting everything we have on the line every single year for very thin and oftentimes negative margins.”

Listen to comments from Thompson and Allen-Tully below.
House Ag Committee Chair Thompson opening remarks 6:48
MN Corn Growers President Dana Allen-Tully 5:37