Iowa farmers face losses, given high costs, China's soybean boycott

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Midwestern farmers are facing a potential financial crisis due to low commodity prices and high production costs.

Trade disputes, particularly with China, have led to a boycott of U.S. soybeans, significantly impacting farm revenue.

Many farmers prefer open markets and fair trade over government aid, though they acknowledge assistance may be necessary.

As Iowa and other Midwestern farmers harvest what could be a record crop, Lance Lillibridge is feeling anything but confident about the future.

Lillibridge, who grows corn near northeast Iowa's Oelwein and runs a cow-calf operation, sees a coming "financial train wreck" for U.S. growers, potentially on par with the 1980s Farm Crisis that drove hundreds of Iowans into bankruptcy and slashed 110,000 jobs at its height.