Farmers in Wisconsin Face Financial Stress Similar to 1980s Crisis

Farmer Pat Mullooly has been tending to his farm in southern Wisconsin for years, but this season's crop is looking uncertain. 'Sitting here today, our crop doesn't appear to be as good as last year,' he said.

Mullooly's farm has seen a decline in profits due to low prices for corn and soybeans. The prolonged period of negative margins has drawn comparisons to the 1980s farm crisis, which saw a decline in crop prices, farmland values, massive amounts of farm debt, and high interest rates.

According to data from the U.S. Department of Agriculture, profit margins for corn and soybeans have been negative for the past two years. This year's cost of production is projected to be even higher due to rising fertilizer and fuel prices, which are being driven up by the war in Iran.