Financial pressures continue to mount for farmers across Illinois and the nation as farm bankruptcies climb for a third straight year.
Nationwide, family farm bankruptcies increased 46% in 2025, with 315 Chapter 12 filings. The Midwest saw the sharpest increase, with 121 bankruptcies, up 70% from the previous year.
The trend has continued into 2026. In April alone, 62 farm bankruptcies were filed nationwide, the highest monthly total in more than five years. The U.S. Department of Agriculture projects total farm debt will reach a record $624.7 billion this year.
Agriculture leaders say rising debt, low commodity prices and uncertainty in export markets are placing many farmers under significant financial strain.
Illinois farmer and crop insurance agent Gary Asay said many producers are purchasing higher levels of crop insurance, but even maximum coverage often does not guarantee they’ll recover their production costs.
Trade tensions have added to the challenges. After the U.S. imposed tariffs on Chinese products in early 2025, China sharply reduced purchases of U.S. soybeans, dealing another blow to growers. Illinois harvested more than 639 million bushels of soybeans in 2025, making the state one of the nation’s leading producers.