A new survey from the National Corn Growers Association (NCGA) reveals that 46% of U.S. farmers believe the nation is nearing a farm crisis. Of these respondents, 65% are more concerned about finances than they were a year ago.

Terrain Executive Leader John Newton notes that many row crop producers are facing their third or fourth year of break-even or worse margins. Trade factors affecting many farmers include China pulling out of soybeans, Canada halting U.S. wine purchases and pressure on the tree nut industry. Inflation-adjusted crop farm cash receipts have fallen by $71 billion in three years. This is the largest drop on record.

While the Federal Reserve’s quarter-point interest rate cut offers slight relief, Newton stresses that more cuts are needed to improve credit affordability. Current tight treasury spreads hinder debt restructuring. This leaves many farmers rolling short-term loans into long-term debt. The NCGA reports that corn margins remain deeply negative, projected at a $161 loss per acre in 2025.

A long-term solution includes expanding year-round E15 ethanol. This could significantly increase corn demand. Federal aid is expected this fall, but Newton warns that most program funding won’t reach farms until 2026. This leaves a critical short-term support gap.

Read more about the results of the National Corn Growers Survey here.