A farmer in the Midwest has filed for bankruptcy in the U.S. due to a glut of products, including cereal, eggs and meat, that are being produced for sale at farmers markets and retail stores.
The bankruptcy petition filed by John Ralston, who farms a corn and soybean farm in northern Wisconsin, said his company, the Ralstone Farm Supply Co., has run out of feed and is not able to keep up with demand.
“We’ve been running out of corn and beans and chickens and all sorts of things,” Ralsten told Reuters.
Ralsten said his family and friends have had to stop eating for months because they cannot afford to buy any new products.
“I’m going to be going bankrupt and it will be a lot longer than that,” Ralson said.
The farm supplies produce for retail and wholesale markets, and is part of the national supply chain, according to the farm’s website.
Ralson and his family have been able to get by, he said, because he has been able for the past year to keep a business running without any debt.
“It’s a big pain in the ass because I can’t pay the bills,” he said.
Ralgsten’s company was founded in 2011 by his father, Robert Ralstein, a lawyer who had a business in the US before he moved to Canada and opened his own farm in Manitoba in the early 1980s.
The company has since expanded into a supply chain for farmers in Iowa and Minnesota.
The Ralstones, who have four children, also own an ice cream business and a dog grooming business.
Ralph Nesbitt, an attorney with the Farm Bureau, said he believes the farm case is just the tip of the iceberg in a nationwide trend of food shortage in the United States.
He said food shortages are on the rise in the South, Midwest and Northeast, which are struggling with the loss of crop, livestock and fish stocks, as well as increased demand from overseas.
The food shortage is expected to worsen over the next several years, and there is a strong likelihood that we’ll see more people going hungry, he added.