Combine harvests soybeans

More Iowa farms have filed for bankruptcy in six months than in all of 2024, and President Donald Trump's tariffs are making it worse.

The bombshell report appeared on the front page of the Des Moines Register on Thursday, revealing that Iowa farmers think the problem "isn't just another economic cycle."

"Iowa farmers filed the second-largest number of bankruptcies nationally in the first half of the year, already twice as many as last year and the most since 2021," the report said.

Bankruptcy attorney Joseph Peiffer said that he sees "extreme financial distress" across not only Iowa but the Midwest as well. It's at a "level higher than I’ve seen in a long time."

“They’ve been losing money for a couple of years, and this year, they’re looking at losing a lot of money,” Peiffer said.

He isn't the only one. The report cited mediators and counselors, who say they have witnessed "a rush of farmers struggling with rising financial stress."

There were a total of 3,140 farm bankruptcies from January through October. It is 18 percent higher compared to the same time last year.

"Nationally, 181 farmers have filed for bankruptcy protection in the first two quarters of 2025, nearly 60 percent more than this time last year, according to U.S. Bankruptcy Court filings. Arkansas led the U.S. with 19 farm bankruptcy filings, followed by Iowa at 16; Georgia, 15; California, 12; and Nebraska, 11."

"We virtually don’t hear from farmers from planting 'til harvest,” Peiffer said. However, this year, that changed.

There is a hotline named Iowa Concern, which helps those struggling with financial and mental health challenges. In September alone, the group said they've seen three times more calls than the same time in 2024.

Iowa State University agricultural economist Chat Hart told the Register that the last crisis began in 2014 and lingered into 2020. The COVID-19 crisis led 138 Iowa farmers to file for bankruptcy, state court data shows.

But the trade war with China has created "deeper" pain for soybean farmers.

"The pain is deeper now, but the pattern is similar," Hart said.

Iowa farmers should expect a 24 percent decline in income in 2026, one new report warns.

It comes at a time when federal government assistance is also being slashed.

Read the full report here.