Ohio Farmers Filed Fewest Bankruptcies In Midwest
While farm bankruptcies around the country are rising, Ohio’s rate is still the lowest in the Midwest.
An Ohio State study finds that Ohio had nine new farm bankruptcy filings from July 2018 through June 2019. That compares to 45 in Wisconsin, 39 in Kansas and 32 in Minnesota.
Ohio State agribusiness researcher Robert Dinterman says land values are up this year, by 1.5% on average in the state.
“Bigger diversity in agricultural commodities and changes in property tax values are really what’s buoying the farmland values in Ohio,” Dinterman says.
Dinterman adds that U.S. tariffs on China have also had an impact nationally, but Ohio farmers do not feel it as much, because of the diversity of commodities in the state.
“Tariffs have affected the western part of the Midwest a little bit harder than Ohio," says Dinterman.
Ohio's rate of farm bankruptcies at 1.2 per 10,000 farms is less than half the national average.
Dinterman says farmers need to watch for the latest agricultural trade policy from Washington, so they can make smart choices for their businesses.
“Are there going to be more tariffs in place and is there going to be a resolution anytime soon?" Dinterman asks.