Why are so many family farms FAILING?

Food and agriculture are the economic drivers of Minnesota, and farmers are telling us that things are tough. That in fact, it is so much harder to afford to run their businesses than it was just a couple of years ago. Farm Bureau says farm bankruptcies were up nearly 50% last year. Minnesota has the most farm bankruptcies of any place in the country in the first quarter of 2026. So what's driving this? U.S. Senator Tina Smith (D-MN) questioned experts today in a hearing for the Committee on Banking. Housing, and Urban Affairs on how Congress can support Farmer’s dealing with the ongoing affordability crisis. Due to the Iran War, America's farmers are facing high fertilizer costs and rising fuel prices, threatening their ability to remain profitable and putting additional financial strain on rural communities.