One in three or more farms in Arkansas could be shuttered by next spring if the federal government doesn’t provide some type of supplemental assistance to farmers this fall, Agriculture Council of Arkansas President Joe Mencer told Talk Business & Politics.

Commodity prices continue to plunge and as of mid-August the state’s ag sector was projected to lose $1.145 billion this season and that number has ballooned by another $300 million by the end of the month to $1.4 billion as rice prices spiraled downward to an eight-year low.

And, the overall losses will almost certainly continue to rise, Mencer said.

The Ag Council has submitted two letters, one to the White House and the other to the U.S. Trade Representative, seeking relief in a number of areas, said Ag Council Executive Director Andrew Grobmyer. The federal government has reported a record $100 billion in tariff collections, and many in the farm sector would like some of that money used to supplement farmers, he said.