Springfield, Illinois – Illinois farmers are facing mounting financial pressure as farm bankruptcies rise for a third straight year, driven by falling crop prices, higher debt, export instability, and rising production costs.
Capitol News Illinois reported that family farm bankruptcies rose 46% nationwide in 2025, reaching 315 filings. The Midwest recorded 121 filings, up 70% from the previous year. The trend has continued into 2026, with 62 Chapter 12 farm bankruptcies filed nationwide in April alone.
The U.S. Department of Agriculture projects total farm debt will rise 5.2% this year to a record $624.7 billion. Farmers say even strong yields have not offset low prices for corn and soybeans, while land rent, equipment, insurance, and borrowing costs remain high.
Illinois harvested more than 639 million bushels of soybeans in 2025, but export markets weakened after new U.S. tariffs on Chinese goods and a drop-off in Chinese purchases of U.S. crops.
State lawmakers considered several farm-relief measures this year, including estate tax changes and more funding for Soil and Water Conservation Districts, but many proposals stalled during budget negotiations.
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