Low food prices are hurting farm state economies
South Dakota and Iowa are the only two states in the country where gross domestic product fell in the second quarter. Ultra-low crop and livestock prices stemming from a global oversupply have squeezed farm incomes, pulling down Iowa’s GDP 0.7% and South Dakota’s 0.3% from the prior quarter.Elsewhere, low farm prices dented growth in 23 other states but not enough to tip them into decline, the Commerce Department said in a recent report. Overall, U.S. GDP advanced 2.8% nationwide during the same period. [node:read-more:link]