America's farmers are caught in a crisis between a combination of high operating costs, low commodity prices and lost markets. Lana Zak reports.

Texas

Farmers across the United States are experiencing severe financial strain as a result of low commodity prices, high operating costs, and the loss of major export markets, particularly China. The situation has been exacerbated by crop diseases and international trade developments, including Argentina undercutting U.S. soybean exports after receiving financial support from the U.S. government.

Many farmers are being forced to sell equipment and are facing the threat of bankruptcy and foreclosure. The economic impact extends beyond farms, affecting manufacturers like John Deere, which has laid off thousands of workers due to increased costs from tariffs on steel and aluminum. While the government has promised to support farmers with tariff revenue, the immediate effects are being felt throughout rural communities.

U.S. farmers in a bind as crop prices crash

If you talk to America's farmers, they'll tell you these are tough times. A combination of high operating costs, low commodity prices, and lost markets has had devastating repercussions on the agriculture industry and the communities built around it. CBS's Lana Zak is in Davenport, Iowa tonight with new details on the growing crisis. Farmers say this has been a perfect storm. They were already battling higher growing costs and crop disease, and now China, which had previously purchased half of all U.S. exports, has pulled out. U.S. soybean farmers are starting their harvest, but they face steep losses that could fuel farm bankruptcies and foreclosures nationwide. This is awful discouraging. You know, we do our very best to grow a good crop, to feed the world, and then we can't hardly give it away. Many growers say they feel betrayed. Last week, the Trump administration gave Argentina a financial lifeline, a $20 billion loan. But Argentina then cut the price of its own soy exports to China, undercutting U.S. farmers. In Arkansas this month, hundreds of farmers packed into a church to plead for help from the government. I'm in the worst shape right now that I've ever been in. With prices for crops crashing, farmers are doing everything they can to stay viable, even selling off equipment. Joel's Tractors in Strawberry Point, Iowa, saw a 30 percent jump in farm machinery up for auction this year. Put a finger full of grease in there. Keeping aging tractors running has Lawrence Christensen and his team working at full throttle. The demand is stronger than the availability. New equipment costs have increased by 60 percent in the last eight years. John Deere, a U.S. manufacturing icon, says U.S. tariffs on steel and aluminum will cost them $600 million this year. Over the past two years, the company has had to lay off 2,500 employees. The majority of my family worked here. Gabriel Gomez was a proud Deere employee, following in the footsteps of his dad and uncles. Friday was his last day. It's like a kick to the gut, right, when you're getting laid off after you've given 20-plus years to the company. When you think about these tariffs and the ripple effects that they've had, do you think it's worth it? You know, you hope that possibly in the long term they would be helpful. Currently here in the short term, it's really killing us. We were sold that we were going to do everything we could for the American workers, and we're seeing quite the opposite at this time. President Trump says he will make it up to farmers, promising them some of the tariff revenue. But here in this area, where John Deere is headquartered, the economic losses are hitting the entire community.

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Breakdown