I’m flat busted. My Missouri corn and soybean farm is bankrupt, financially incompetent, a lousy credit risk, upside down--you pick the financial euphemism for a balance sheet that is downright ugly. I’m still paying my bills on time and eating good, due to some profitable years in the recent past, but any honest appraisal of my farm’s future income and liabilities is dark indeed. Of course, if there is any comfort to be found in shared misery, every other producer of corn and soybeans in the U.S. is in the same position.
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