“It costs roughly $5.20 to raise a bushel of corn right now. Farmers are getting around $4.50 to $4.65.”

That margin—or lack of one—is the story of rural America in 2026. Row crop prices have been below production costs for four consecutive years. More than half of rural bank CEOs surveyed in the April Rural Mainstreet Index say their local economy is already in a recession. Farm equipment sales have been in contraction for 32 straight months.

In this episode, Dr. Ernie Goss breaks down the April RMI data, and we hear directly from Jeff Bonnett, President and CEO of Havana National Bank in Havana, Illinois—a 151-year-old institution with 80% of its loan portfolio tied to agriculture.

Bonnett describes what loan renewal conversations sound like right now, why land equity is the primary buffer holding off a broader crisis, and what people outside rural America fundamentally misunderstand about the farmers keeping this region alive.

April 2026 RMI Highlights:

• Overall index: 47.9 — below growth neutral for the third straight month.
• Recession watch: 54.2% of rural bankers say their local economy is in recession.
• Equipment slump: 32 consecutive months of declining farm equipment sales.
• Land values: Farm and ranchland prices fell below growth neutral for the third time in 2026.

Watch the full video here