Pres. Trump is expected to announce billions of dollars in aid for U.S. farmers this week

President Trump is also expected to announce billions of dollars in aid for the nation's farmers. Many are in financial crisis despite harvesting one of the largest crops in history. CBS's Lana Zak is the only network correspondent based in Iowa and has more on the growing crisis. Farmers are waiting to hear the details of what could be a financial lifeline as farm bankruptcies this year are surging. This is the season that farmer Rob Ewaldt usually lives for. Harvesting nearly 2,000 acres of corn and soy. I don't believe there will be a profit this year. I think we will go backwards. Ewaldt learned the family business from his parents who struggled but survived the 1980s farm crisis. He sees parallels. As a kid, I'd go to bed and you'd hear the whisperings of my parents talking about finances. We didn't know what was going on. But now I know what they were talking about. You want to split open the pod. The pod should crack open. Farmers may be forced to sell their crops at steep losses now that China, once the largest buyer of U.S. soy exports, is retaliating against U.S. tariffs. So you've done all this work and you have more work to do and you're losing money. Yeah, it's a great occupation, isn't it? It could mean ruin for some farmers. As of June, 55 percent more filed for bankruptcy compared to the previous year-to-year period. Ag is going to have to go through a lot of adjustments to try to get our financial house in order. Professor Chad Hart is an agricultural economist at Iowa State University. This has been going on for some time and the deeper that loss hold gets, the harder it is to climb your way back out. Ewald wants to be able to pass the farm on to his sons one day. But he says with so much uncertainty, it's hard to tell what the future holds. It's an endless cycle that we're caught in right now. And this is all I know. Can't do it any better. Most farmers don't show that they're struggling until it's too late. Ewald said he wanted to be honest about the challenges so that others know that they are not alone.