John Yeley, a seventh-generation farmer operating near the Illinois-Indiana border, has spent 26 years managing land his family has held since 1852. Despite his dedication, the current agricultural economic climate has left him questioning the future of the profession. Yeley expressed deep concern about his 16-year-old son and 12-year-old daughter inheriting the farm, stating that given the current environment, he would not wish that path upon them. He noted that within his own county, three farms have already ceased operations this year. He’s not sure he wants his 16-year-old son and 12-year-old daughter to take over because the current economics are so rough, although he plans to keep doing so. According to “Right now, the way all of this is now, no, I wouldn’t wish it on them,” he, About farming. According to “We’re not a big county, but we’ve had three farmers go under this year,”, Yeley. “I know that’s on the minds of everybody, is it really worth it to keep going on. “Being able to have a family and a farm seems almost impossible,” he said.
The agricultural sector is currently gripped by what experts describe as a painful recession. Farmers are struggling with record-high diesel prices, which are essential for operating heavy machinery such as tractors and combines. The national average for diesel has risen faster than gasoline, nearing a peak of $6.53. In states like Illinois, prices are even steeper, reaching $6.82 as of late September 2026. Yeley, who typically consumes 8,500 gallons of fuel biannually, has been forced to buy in smaller quantities, hoping for price drops that have not materialized. According to in many, In the Midwest farm belt, the cost is even greater: The average price in Illinois, for example, was $6.82 as of Friday. “This is the first year in my adult life that we have not bought an entire transport load either spring or fall due to fuel cost. We’ve been buying it piecemeal … 1,000 or 1,500 gallons at a time, hoping that we’d see a price drop,” he said. “Unfortunately, it’s not happening.”.
Global geopolitical tensions, including wars in Ukraine and the Middle East, have disrupted fertilizer supplies, pushing costs up by as much as 50% over the past year. Boosting prices, russia’s war with Ukraine first cut off supply of some of the raw materials needed to make fertilizer. According to he, He doesn’t want to scare off customers.
Sammy Tookey, a farmer in northern California, reports that costs for essential inputs—ranging from fertilizer to cardboard shipping boxes—have risen by double digits. Tookey, who sells produce through co-ops and farmers’ markets, struggles to raise his retail prices enough to cover these ballooning expenses without losing his customer base. His stepfather, George Kibby, who retired after 40 years in the industry, noted that the combination of high land, labor, and equipment costs makes it nearly impossible for small-scale farmers to remain profitable. Corn, melons, peppers, squash, lettuce and chiles — on 10 acres in northern California’s wine country, sammy Tookey grows all manner of produce — tomatoes. According to “Us little farmers don’t have much of a chance,”, Kibby, who moved north with his wife this summer to help Tookey. “You work so hard not making money.”. “Farming does have ups and downs naturally, but when it happens year after year after year, eventually you’re no longer a good credit risk, and you can’t borrow money to keep farming,” added Lehman, who grows corn, soybeans, oats and hay.
The financial pressure is exacerbated by rising interest rates, as central banks combat inflation, making the short-term loans required for seasonal planting increasingly expensive. Furthermore, ongoing trade disputes have hindered access to key international markets for crops like soybeans. Aaron Lehman, president of the Iowa Farmers Union, emphasized that even fifth-generation farmers are now failing to secure necessary credit due to consecutive years of financial losses. And farmers worry that market share will be lost in the long term, that’s driving down prices in the short term.
Data reflects this instability, with farm bankruptcies increasing by 20% in the 12 months leading up to June. Attorney Tom Ajamie, who specializes in the agricultural sector, warned that the situation is likely to deteriorate further in the coming months as many farmers are merely clinging to their operations. The cumulative stress of unpredictable weather, soil conditions, and volatile international policies has left many producers feeling like victims of global forces beyond their control. According to federal bankruptcy filing data, the number of farm bankruptcies rose 20% in the 12 months ending in June compared to a year ago. “A lot of these farmers are on the edge,” he said. “So yeah, It’s a 20% increase right now, but what happens in the next two, four, five months. According to many, They feel like victims of things set in motion around the globe over which they have no control.
Legislative efforts to provide relief are underway, with the American Farm Bureau Federation advocating for a new farm bill that would increase federal loan limits, which have remained stagnant since 2018. John Newton, the organization’s vice president of public policy, expressed hope for bipartisan progress during the lame-duck session following the midterms. While some lawmakers have proposed banning diesel exports to lower costs, energy experts remain skeptical about the effectiveness of such measures. Regardless of potential policy shifts, many farmers believe that any assistance will arrive too late for the current harvest season. Tookey is getting married in late October and worries about how he’ll support children. Have pressed the Trump administration to ban US diesel exports as a way to get immediate relief, charles Grassley of Iowa.
