Dan Piller was a business reporter for more than four decades, working for the Des Moines Register and the Fort Worth Star-Telegram. He covered the oil and gas industry while in Texas and was the Register’s agriculture reporter before his retirement in 2013. He lives in Ankeny.
Cinematically-minded Iowans of middle age or older recall two films set in Iowa in the 1980s. The best remembered and most beloved was the Kevin Costner’s ode to baseball sentimentality, Field of Dreams.
The other was Country starring Jessica Lange and Sam Shepard, a hard-edged look at the farm crisis that gripped the Midwest during the decade. Country personalized the worst agricultural downturn since the Great Depression, costing Iowa more than one-quarter of its farm ownerships and reducing farm land values by 70 percent.
The opening scenes of the 21st century version of Country already are running. Corn and soybean prices have fallen almost 40 percent. Iowa farmers are enduring a drop in income of more than 25 percent since 2002. The effect isn’t limited to the countryside; the closing of Tyson Foods processing plant at Perry as well as a sequence of layoffs at Deere & Co., Firestone, and other implement plants have cost almost 2,000 Iowa manufacturing workers their jobs.
Longtime agricultural banker Terry Hotchkiss, chairman of the American Bankers Association agricultural and rural bankers committee, said farm lenders “feel like they are looking over a cliff with regards to the agricultural economy.”
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