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00:02American farmers are borrowing more money than ever as financial pressure mounts across
00:06farm country, and growers increasingly turn to nontraditional lenders, the U.S. Department
00:10of Agriculture officials told Reuters.
00:12U.S. farmers face mounting financial pressure from years of low prices and high costs, compounded
00:18by trade disputes disrupting exports and the U.S.-Israeli war with Iran, driving up fertilizer
00:23and fuel prices.
00:24Inflation-adjusted U.S. farm debt has more than doubled since 2000 to a record of more
00:29than $605 billion this year, according to USDA estimates.
00:33However, that figure may understate total debt because borrowing from suppliers, cooperatives,
00:38equipment manufacturers, financial technology firms and other lenders is difficult for the
00:42government to fully measure.
00:44Roughly half of U.S. commercial farms relied on vendor or nontraditional lenders for operating
00:48expenses this past season, up about 10 percent from a year earlier.
00:51For all things money, visit benzinga.com.
