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Aldo Perez of Jacob's Farms restocks corn at a farmers market in Benicia, Calif.. Photo: Jessica Christian/The San Francisco Chronicle via Getty Images

More farmers are declaring bankruptcy, despite a $7 billion injection from the Department of Agriculture to mitigate losses caused by the coronavirus pandemic, the Wall Street Journal reports.

Why it matters: Farmers found themselves at the center of industries hardest-hit by the crisis as the pandemic slashed commodity values, cut off supply chains and closed markets around the globe.

By the numbers: 8% more farmers filed for bankruptcy in the 12-month period ending June 30 than last year. Chapter 12 bankruptcies have been gradually increasing since 2016.

  • 580 farmers declared bankruptcy in the last 12 months, while 535 did the same in the period ending in 2019.
  • Hog farmers have lost almost $5 billion in potential and actual profits for 2020, per data from the National Pork Producers Council.
  • Agricultural firms in California could lose as much as $8.6 billion, per a study commissioned by the state's Farm Bureau Federation.

What's next: The Trump administration is expected pay farmers a record $33 billion this year, per the University of Missouri’s Food and Agricultural Policy Research Institute.

  • If more aid isn't extended to farmers after coronavirus relief expires at the end of the year, farm income is forecast to fall by 12% in 2021, per the Food and Agricultural Policy Research Institute.

Go deeper: Farmers Business Network raises $250 million at $1.75 billion valuation

Go deeper

Amazon posts strong Q3 results despite ongoing pandemic costs

Photo: Ina Fassbender/AFP via Getty Images

With the pandemic driving consumers to shop online, Amazon beat analyst expectations on Thursday with its Q3 results, though its stock price didn't see much of a bump.

Why it matters: Despite incurring what it estimates was about $2.5 billion in pandemic-related costs during the quarter, Amazon's revenue grew 37% year-over-year to $96.1 billion and its profits to $6.3 billion, up 197% year-over-year.

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after sheltering with maskless colleagues during last week's deadly Capitol riot. But he did not specify whether his diagnosis was connected to the siege.