Financial pressure is mounting for Minnesota farmers, with more farmers seeking help to avoid foreclosure this year than during the previous three years combined.
The Minnesota Farms Union says rising production costs, trade tensions and uncertainty in agricultural markets are squeezing farm finances.
State Agriculture Commissioner Thom Petersen says diesel prices are up about 40% from a year ago, while fertilizer costs have increased 15-20%.
Tariffs and lost market are also affecting equipment costs and the prices farmers receive for their crops.
Farmers facing financial trouble can turn to Minnesota’s farmer-lender mediation program, which requires lenders to participate in mediation before foreclosing or repossessing farm property.
State agriculture officials say about 90% of farmers who use the program ultimately avoid foreclosure.
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