What do Germany and U.S. agriculture have in common? They may both be in recession. U.S. net cash farm income is in record decline, having fallen nearly 37 percent in two years. The Ag Economists’ Monthly Monitor survey of 70 economists shows just over half think the sector is in recession and 60 percent say one is eminent. 

The drop is particularly acute for corn and soybean farmers whose prices have dropped and see no turnaround anytime soon. 

Contributing to the problem has been a drop in exports. 

Meanwhile, farm expenses keep rising, especially for labor and taxes. At the same time, government transfers have plummeted by 77 percent from their peak in 2020 at $45 billion to an estimated $10.2 billion this y...