BREAKING: US small farm bankruptcies surged to 173 in the first half of 2025, the highest since the 2020 pandemic. This is 103 bankruptcies, or +147%, more than in the same period of 2023. This comes as high interest rates, trade tensions, and rapidly falling Chinese demand have crushed margins. Soybean, corn, and pork producers have been hit hardest as China shifts purchases to Brazil and Latin America. Meanwhile, US farm debt is projected to hit a record 561.8 billion this year, according to the US Department of Agriculture. US small farmers are in a recession.(The Kobeissi Letter)