For instance, corn prices have crashed about 50% since 2022, while soybean prices are down about 40%. But crop prices have been weak for most of the past decade except for brief a spike during the pandemic, according to the Minneapolis Fed. To be sure, the recent spike in bankruptcies doesn’t mean farmers are going out of business, the Minneapolis Fed pointed out. “Soybean farmers are under extreme financial stress,” the American Soybean Association said in a letter to Trump in August. U.S. soybean farmers cannot survive a prolonged trade dispute with our largest customer.”