For many dairy farmers in Chesapeake Bay states, the financial screws keep tightening.
While grain farmers can be hurt by disastrous years such as 2018 when water-soaked fields resulted in zero yields for some, they are backed by crop insurance programs that help get them through year-to-year market fluctuations.
But for dairy farmers, a decade of low milk prices brought on by oversupply and falling demand is taking a toll. Some ag lenders and those in the farm real estate business foresee a wave of banks shutting down credit for struggling dairy farmers this fall or winter, expediting a steady several-year stream of farmers leaving the business.[Continue Reading]