Farm bankruptcies are on the rise in the Upper Midwest, according to a new report from the Federal Reserve, doubling from their recent lows in 2014.
At least 84 farms filed for bankruptcy from June 2017 to June 2018 in Wisconsin, Minnesota, Montana, and North and South Dakota, according to analysis from the Federal Reserve Bank of Minneapolis.
The report released earlier this month shows that over the same time period in 2014, 32 farms filed for bankruptcy.
The numbers have increased steadily since then, with 46 bankruptcies reported in 2015, 60 bankruptcies reported in 2016 and 67 reported in 2017.
In 2010, 70 bankruptcies were reported in the five states, but that was following the financial collapse of 2008–2009 and a brutal recession.
Some experts fear the worst is yet to come amid falling commodity prices and the Trump administration's battles with China and other countries on trade.
"Current price levels and the trajectory of the current trends suggest that this trend has not yet seen a peak," wrote Ron Wirtz, an analyst at the Minneapolis Federal Reserve Bank.