South Dakota
Farm revenues fall as Iran war and market concerns rise
LYONS, S.D. – Farmer Jeff Thompson had waited months for soybean prices to rebound, and he was getting a little antsy.
Like many of the roughly 18,000 other crop farmers in South Dakota, Thompson is storing corn and soybeans in giant grain bins on his farm because he can’t sell at a profitable price due to a variety of unfavorable market conditions.
“The market right now is at a loss position and we’re about to plant the most expensive crop in history.” – Scott VanderWal, president of the South Dakota Farm Bureau Federation and vice president of the American Farm Bureau Federation
After several months of waiting – and suddenly seeking an infusion of cash – Thompson made the decision in mid-March to sell off about 15,000 bushels of beans he had been storing since the fall 2025 harvest.
But the day he hoped to sell, a single social media post by President Donald Trump caused the soybean price to fall by 70 cents a bushel, a decline that would have caused Thompson to lose more than $10,000 on the sale.
Trump’s post indicated he would delay scheduled trade talks with President Xi Jinping of China, the world’s largest importer of soybeans and a country in which the U.S. is embroiled in a trade standoff that has hurt American soybean producers.
Thompson held onto his soybeans, and the wait for better prices began anew.
“The whole geopolitical thing keeps you awake at night and you don’t know what’s going to happen next,” Thompson, 64, said on a recent day at his farm in Lyons, an unincorporated hamlet located about 25 miles northwest of Sioux Falls. “Farming is risky enough on its own, fighting Mother Nature and all that, so I’m hoping things will settle down.”
A trifecta of terrible economic headwinds
The Trump tariffs and resulting trade wars that have devastated foreign export markets over the past year are not the only unsettling reality for South Dakota grain producers, who grew 1.1 billion bushels of corn and 238 million bushels of soybeans with a combined value of $6.4 billion in 2025, according to the U.S. Department of Agriculture.
The new U.S. war with Iran has led to the closure of a key global shipping route through the Strait of Hormuz, dramatically driving up prices for fuel and fertilizers. Farmers were already reeling from ongoing inflation that has raised prices for “inputs” required to grow crops, including seeds, water and electricity, rent or loan payments for land, and machinery and parts.
The trade war with China has led the Asian nation to forgo most orders for American soybeans and turn instead to South American producers. Prior to the trade war, about 30% of the soybeans grown annually in South Dakota were exported to China.
All that financial pain has been piled on top of stagnant low prices that have hurt revenues even as South Dakota grain farmers have produced record crops of corn and soybeans over the past couple years.
“The most difficult thing of all is that we’ve had three to four years of depressed prices,” Thompson said. “You can handle one low price year decently. But when they begin to piggy back on each other, it gets tough.”
Seeking new markets and uses
Since Trump took office and imposed tariffs on goods from other countries, cattle ranchers and other livestock producers have benefited from high sale prices and strong markets for their goods, as previously reported by News Watch.
Small local farms growing stronger roots in South Dakota
Consumer demand for organic and locally grown foods continues to rise, but running a small farm isn’t always an easy task for producers.
But almost all other farmers in South Dakota and across the country are feeling the financial pain and emotional stress of an unfavorable global market for agricultural goods, said Scott VanderWal, president of the South Dakota Farm Bureau Federation who also serves as vice president of the American Farm Bureau Federation.
“By nature, farmers are pretty optimistic, but economically it’s pretty tough right now,” said VanderWal, a grain farmer from Volga. “The market right now is at a loss position and we’re about to plant the most expensive crop in history.”
National agricultural leaders are urging President Trump to find new international and domestic markets for agricultural products, VanderWal said. An ongoing hope is that Congress will approve national year-round use of E-15, the gasoline that contains more ethanol and could boost corn prices and markets.
Jerry Schmitz, executive director of the South Dakota Soybean Association, was one of a dozen South Dakota officials and agricultural leaders who spent eight days in March on a trade mission to expand export opportunities in Japan and South Korea.
Schmitz said those two Asian countries — relatively small buyers of South Dakota corn and soybeans compared to China — were welcoming and eager to maintain or expand imports of American grains and goods.
The majority of South Dakota grains sold as exports are used as hog and poultry feed while a smaller percentage is used for human consumption, he said.
But even the most optimistic agricultural experts and producers are concerned the worst is not over yet for American farmers, Schmitz said.
“Things have been difficult, and possibly this could continue for another year or two,” he said. “Farmers are pretty flexible, but when bad news happens three to five years in a row, and with all the things happening in the world, it gets concerning.”
Fewer profitable farms possible this year
While it may be hard for South Dakota farmers to believe, the Rushmore State has fared better than most of the nation during the recent agricultural economic downturn, said Nate Franzen, president of agricultural lending at First Dakota National Bank in Yankton.
In 2025, the state had only one farm bankruptcy that Franzen was aware of, and about 80% of grain producers made a profit, a higher rate of performance than the 65% he predicted.
“There’s a lot of younger guys who love to farm, but it just doesn’t pay.” – farmer Jeff Thompson
Franzen, who has worked in farm lending for three decades, said the best year for farm profitability in South Dakota over the past 20 years was in 2011, when the ethanol market was raging and about 93% of state farmers made money.
In 2025, record yields by producers and a high level of diversification on individual farms put South Dakota in a good position. But 2026 may be more challenging, he said.
“Looking forward, it is troubling,” Franzen said. “We’ve been experiencing inflation on the expense side for the last few years. And this Iran war is not helping because fertilizer is spiking and fuel is spiking.”
Financial and emotional stress the norm
Meanwhile, many farm families are enduring stressful kitchen-table meetings about money and the future of their operations, VanderWal said.
The challenging economic conditions are hardest on young farmers without strong equity or savings, those who recently took over from retiring parents or those who are heavily leveraged with loans for land or equipment.
“We are hearing more stories of bankruptcies increasing, and we’re hearing more incidents of farmer suicides again,” he said. “Farmers and ranchers are very proud people and it’s hard for them to ask for help, so we’re encouraging people to pay attention to family members and neighbors and get help for them if they need it.”
Schmitz said most South Dakota grain farmers are sticking to their planting plans for 2026 even amid great market uncertainty.
He said some farmers may plant more cover crops instead of corn and soybeans to build soil health, and a few may diversify their operations with cattle, hogs or poultry to create new revenue streams and generate manure as a source of low-cost fertilizer. Others may take on new jobs off the farm or expand the hours they spend working outside of agriculture.
Impacts felt beyond South Dakota farms
From a broader perspective, the weakening farm economy is hurting not only farmers but also the communities where they live, VanderWal said.
“Agriculture is what drives the economy of this state and very much so in the small communities,” he said. “These issues could really come home to bite the small communities of South Dakota.”
Ultimately, continued income challenges for American producers could lead to farm consolidation and greater corporate ownership, which could threaten not only American family farms but also the nation’s ability to feed itself, VanderWal said.
“Food security is national security, and if we have to rely on other countries for our food supply, that’s a real problem,” he said.
Thompson, the Minnehaha County grain farmer, said he is hopeful that new trade deals brokered by President Trump will hold up and remain favorable over the long term. He has applied for some of a recent $12 billion farm bailout approved by the president, though he considers that stop-gap program only a “small Band-Aid.”
Thompson hopes that when he retires in a few years, the agricultural economy will be strong enough for someone local to buy his roughly 800 acres and continue to use it for farming.
But he’s no longer sure that will happen.
“We love what we do and look forward to passing things down that we’ve built up over the years,” he said. “There’s a lot of younger guys who love to farm, but it just doesn’t pay.”
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South Dakota
PBR | No. 1 John Crimber goes 4-for-4, tops final three rounds to win First PREMIER Bank PBR Sioux Falls
Using his pick for an opportunity to compete head-to-head against Lights Out, who has now paired in the Championship round on seven event-winning rides this season, Crimber punctuated his 4-for-4 weekend with a round-winning 91.50 points on Western sports’ ultimate money bull.
The 20-year-old took home 196.5 UTB points for his second event win of the year and improved his lead to 220.5 points over No. 2 Sage Steele Kimzey (Strong City, Oklahoma) – the largest lead the tour’s No. 1-ranked cowboy has had over No. 2 all season.
After his shoulder dislocated on his first attempt earlier in the round, Kimzey made the most of his Round 3 re-ride dance with Jameson (89.30 points) to sneak into the short go with one ride score. However, he finished the weekend 1-for-4, unable to end Magic Potion’s PBR record-holding buckoff streak, which the bovine advanced to 59 in bucking off the only cowboy who has ever lasted 8 seconds on him in 4.51 seconds.
Claudio Montanha Jr. (Ribeirao dos Indios, Brazil) exited Denny Sanford PREMIER Center in second place as the top-performing rider to go 3-for-4. The 36-year-old cowboy wasn’t able to convert in Round 3 but rebounded in the Championship Round in thrilling fashion.
Montanha Jr. opted into a short round dance with Hard Times and matched the bull’s every move en route to recording a career-high 91.25 points.
Successful in seven of his last eight outs, he netted 110 UTB points for his season-best runner-up finish and improved from No. 18 to No. 13.
Daniel Keeping (Montague, Texas) recorded a season-high third-place finish in Sioux Falls after becoming the first man to go 3-for-3 Sunday. Keeping bested Tecovas Triple Aught for 88.20 points in Round 3 to earn the second selection in Sunday’s bull draft.
The top-ranked contender in this year’s YETI Championship bull race, No. 1 Pegasus, tossed Keeping to the ground in 4.06 seconds to end the rider’s perfect showing while defending his spot atop the world title hunt.
Keeping earned a crucial 91.5 UTB points and advanced from cutoff bubble territory at No. 32 all the way up to No. 20 courtesy of his clutch weekend.
Luciano De Castro (Guzolandia, Brazil) finished in fourth place as the third and final rider to produce a 3-for-4 slate.
The veteran began his afternoon by going the distance atop Best Bet (87 points) to punch his ticket to Sunday’s short round. Castro later survived the requisite 8 aboard Ice Tray and earned but declined a re-ride, opting to keep his 72.15 points and end his weekend with a 245.50-point aggregate score.
He gained 61 UTB points for his fourth-place finish and improved from No. 26 to No. 19.
Dener Barbosa (Paulo de Faria, Brazil) rounded out the Top 5.
Barbosa parlayed his career-high 93.10-point ride on Pegasus in Round 1 on Friday night with an 84.85-point conversion atop Rip in Round 3 to earn fifth-place honors.
He took home a critical 64 UTB points, advancing from No. 45 to No. 38 with two events remaining before the tour invades Cowtown Coliseum and Dickies Arena for the PBR World Finals (May 7-17) in Fort Worth, Texas.
Ransom earned the YETI “Built for the Wild” Bull of the Event title for bucking off Brady Fielder (Clermont, Australia) in 5.63 seconds during the opening round.
Several of this year’s YETI World Championship Bull contenders produced 45-plus-point scores throughout the weekend, including Ransom (46.15), Eyes On Me (45.60), Red Demon (45.40), Fire Zone (45.15) and No.1 Pegasus (45.60, 45.30), who remains atop the title race standings.
PBR’s Unleash The Beast next bucks into Metra Park – First Interstate Arena in Billings, Montana, for PBR Billings April 17-18.
Action for PBR Billings, the penultimate event of the 2026 regular season, starts at 6:45 p.m. MT, with Round 1 coverage set to begin on Paramount+ at 7 p.m. MT.
Unleash The Beast – First PREMIER Bank PBR Sioux Falls
Denny Sanford PREMIER Center – Sioux Falls, South Dakota
Event Leaders (Round 1-Round 2-Round 3-Round 4-Event Aggregate-Event Points)
1. John Crimber, 86.95-89.4-89.95-91.5-357.80-196.5 Points.
2. Claudio Montanha Jr., 86.95-87.7-0-91.25-265.90-110 Points.
3. Daniel Keeping, 89-86.65-88.2-0-263.85-91.5 Points.
4. Luciano De Castro, 0-86.25-87-72.15-245.40-61 Points.
5. Dener Barbosa, 93.1-0-84.85-0-177.95-64 Points.
6. Alex Cerqueira, 0-88.55-87.7-0-176.25-52 Points.
7. Daylon Swearingen, 88.55-86.05-0-0-174.60-37 Points.
8. Alex Junior da Silva, 87.75-86.65-0-0-174.40-33.5 Points.
9. Sage Steele Kimzey, 0-0-89.3-0-89.30-23 Points.
10. Jess Lockwood, 89.15-0-0-0-89.15-21 Points.
11. Eduardo Aparecido, 88.85-0-0-0-88.85-18 Points.
12. Cort McFadden, 88.25-0-0-0-88.25-14 Points.
13. Kase Hitt, 0-87.7-0-0-87.70-16.5 Points.
14. Bob Mitchell, 0-87.35-0-0-87.35-15 Points.
15. Julio Cesar Marques, 0-0-87.15-0-87.15-15 Points.
16. Bruno Carvalho, 0-0-86.95-0-86.95-13 Points.
17. Alan de Souza, 0-86.8-0-0-86.80-14 Points.
18. Marco Rizzo, 0-85.85-0-0-85.85-9 Points.
19. João Ricardo Vieira, 0-84.45-0-0-84.45-8 Points.
Brady Fielder, 0-0-0-0-0.00
Paulo Eduardo Rossetto, 0-0-0-0-0.00
Maverick Smith, 0-0-0-0-0.00
Kaiden Loud, 0-0-0-0-0.00
Koltin Hevalow, 0-0-0-0-0.00
Cassio Dias, 0-0-0-0-0.00
Thiago Salgado, 0-0-0-0-0.00
Kaique Pacheco, 0-0-0-0-0.00
Lucas Divino, 0-0-0-0-0.00
Manoelito de Souza Junior, 0-0-0-0-0.00
Mauricio Gulla Moreira, 0-0-0-0-0.00
Andy Guzman, 0-0-0-0-0.00
Mason Taylor, 0-0-0-0-0.00
JaCauy Hale, 0-0-0-0-0.00
Elijah Jennings, 0-0-0-0-0.00
Damien Krushall, 0-0-0-0-0.00
Romario Leite, 0-0-0-0-0.00
Zane Cook, 0-0-0-0-0.00
Macaulie Leather, 0-0-0-0-0.00
2026 Professional Bull Riders Unleash The Beast Standings
(Place, Rider, Events, Wins, Top 5’s, Points, Total Winnings)
1. John Crimber, 16, 2, 6, 899.50, $193,100.00
2. Sage Steele Kimzey, 14, 3, 4, 679.00, $178,737.62
3. Leandro Zampollo, 14, 0, 6, 595.50, $121,150.12
4. Brady Fielder, 16, 2, 4, 593.00, $151,204.17
5. Alex Cerqueira, 16, 0, 3, 502.50, $87,565.00
6. Paulo Eduardo Rossetto, 16, 1, 6, 492.00, $106,855.00
7. Dalton Kasel, 14, 2, 4, 488.50, $130,098.33
8. Clay Guiton, 8, 0, 4, 409.50, $89,715.48
9. Cort McFadden, 13, 0, 2, 406.00, $50,280.48
10. Keyshawn Whitehorse, 15, 1, 1, 405.00, $71,991.67
11. Julio Cesar Marques, 15, 0, 3, 392.00, $73,105.48
11. Marco Rizzo, 16, 1, 3, 392.00, $94,090.00
13. Claudio Montanha Jr., 16, 0, 3, 389.00, $68,182.14
14. Maverick Smith, 15, 0, 2, 367.00, $64,708.33
15. Daylon Swearingen, 12, 1, 1, 362.50, $109,300.00
16. Cassio Dias, 16, 1, 1, 340.50, $64,240.48
17. Kaiden Loud, 15, 0, 3, 336.00, $54,613.33
18. Bob Mitchell, 13, 0, 2, 303.00, $41,731.67
19. Luciano De Castro, 14, 0, 3, 249.00, $37,952.98
20. Daniel Keeping, 15, 0, 1, 247.00, $35,475.00
21. Koltin Hevalow, 16, 0, 1, 246.50, $40,933.33
22. Jess Lockwood, 6, 1, 1, 236.00, $69,325.00
23. Andrew Alvidrez, 15, 1, 1, 229.00, $60,883.33
24. Thiago Salgado, 14, 0, 0, 224.00, $33,500.00
25. Callum Miller, 14, 0, 2, 209.00, $25,197.14
26. Felipe Furlan, 10, 0, 3, 197.00, $39,197.14
27. Kaique Pacheco, 16, 0, 1, 195.50, $18,225.00
28. Bruno Carvalho, 11, 0, 0, 190.50, $7,600.00
29. Alan de Souza, 15, 0, 1, 190.00, $19,650.00
30. Jose Vitor Leme, 10, 0, 1, 181.50, $25,350.00
31. Eduardo Aparecido, 15, 0, 1, 181.00, $31,890.00
32. Hudson Bolton, 8, 0, 1, 173.00, $38,062.50
33. Kase Hitt, 13, 0, 1, 147.00, $16,132.14
34. Lucas Divino, 11, 0, 1, 141.00, $15,050.00
35. Afonso Quintino, 15, 0, 0, 127.00, $11,307.14
36. Manoelito de Souza Junior, 11, 0, 1, 112.00, $18,000.00
37. Kade Madsen, 5, 0, 0, 106.00, $3,150.00
38. Dener Barbosa, 2, 0, 1, 100.00, $10,000.00
39. João Ricardo Vieira, 12, 0, 0, 92.50, $6,683.33
40. Trace Redd, 5, 0, 1, 87.00, $15,800.00
41. Mauricio Gulla Moreira, 16, 0, 0, 86.00, $11,100.00
42. Austin Richardson, 8, 0, 0, 80.50, $12,875.00
43. Andy Guzman, 11, 0, 0, 78.00, $11,550.00
44. Alison dos Santos, 9, 0, 0, 65.00, $5,100.00
45. Alex Junior da Silva, 4, 0, 0, 62.50, $3,775.00
Photo courtesy of Bull Stock Media
South Dakota
South Dakota Cattlemen’s Foundation provides donation matching funds to support Nebraska Wildfire Relief
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(SOUTH DAKOTA NEWS WATCH) – South Dakota has one of the lowest overall state tax burdens in the country, largely because it does not tax individual income and lacks several major statewide taxes.
The Tax Foundation ranks South Dakota No. 2 in the State Tax Competitiveness Index when factoring in corporate, individual, sales, property and unemployment insurance taxes. Wyoming is No. 1 overall.
South Dakota is ranked No. 1 in corporate taxes and No. 1 in individual taxes. The state’s lack of an income tax helps keep overall state and local tax burdens among the lowest in the nation.
However, the Institute on Taxation and Economic Policy regularly ranks South Dakota among the states with the most regressive tax systems, meaning lower-income households pay a larger share of their income in state and local taxes than higher-income households.
South Dakota does not have an estate tax, inheritance tax or corporate income tax.
This fact brief responds to conversations such as this one.
Sources
The Tax Foundation, State Tax Competitive Index
Fidelity, The best state for taxes
Institute of Taxation and Economic Policy, ITEP Tax Inequality Index
The Tax Foundation, Taxes in South Dakota
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