ST. JOSEPH COUNTY — It was another wild ride on Wall Street to open the week, as the nation's credit crisis continues. Now there are new signs that the American farmer may be hit next.

Despair about a weakening global economy continued to sweep across Wall Street and around the globe. Investors worldwide have been selling off stocks, and experts say it's because they realize financial systems in the United States and other countries need more than a government bailout to turn things around.

Meanwhile, the nation's credit markets remain stagnant; a sure sign that banks are still too afraid to lend.

President Bush says the economy is going to be fine in the long run, but the taxpayer-supported economic rescue plan will take time to work. On Monday, Mr. Bush urged people to continue working, buying and selling.

Wall Street only seemed to get the last part of the message.

The Dow Jones Industrial Average plunged as many as 800 points before closing with a loss of nearly 370 to end the day at 9,955. It's the first time in four years that the benchmark average has closed below the 10,000 mark.

It's not just stocks taking a hit either.

Commodities markets have posted huge losses over the last two weeks, and that has local farmers facing nearly unprecedented uncertainty.

It's harvest time in corn, soybean and wheat fields across America, and for St. Joseph County farmer Andy Laidig, that usually means a little slice of paradise.

"I've been doing this for about 10 years now. I'm the fourth generation in my family to farm. I think once you've been around it, it kind of gets in your blood," Laidig said while running his combine through a soybean field Monday afternoon.

But this year's crop includes an added, decidedly bitter taste of uncertainty.

"There's a lot of volatility in the markets right now," he said. "Back in June, we were close to $8 a bushel on corn on the Board of Trade. Now, after today's close, we're down close to $4. We've seen almost a 50% drop in the price of corn on the Board of Trade since the end of June. And on soybeans, we're probably 40% to 45% off where we were on our summer highs."

That's not all.

Fertilizer costs have tripled over the last two years. Fuel and feed costs have nearly doubled in the last 12 months.

It all adds up to a total cost increase of between 35% and 50% for the average farmer, says Laidig, who spent 7 years working as a banker before turning to farming full time.

Add the 50% cost increase to a 50% price decrease, and Laidig says there's not much left.

"There's just hardly any money in this right now, any profit margin," he said.

If something doesn't change soon, experts say farmers may not be the only ones being hit.

You could begin to see price increases, too, and not just on corn or soybeans.

"We've seen dramatic drops in the price of corn, soybeans, wheat, beef cattle, other kinds of agricultural goods, really just last week and this week alone," said Purdue University Agricultural Economist Dr. Chris Hurt. "In some cases, we've seen decreases of between 20% and 25%."

Of course, all that loss cuts into farmers' bottom lines.

"We thought this was going to be a really, very good, highly profitable year with probably record farm income across the United States. Now, we have really put that in jeopardy. This year we may barely cover the cost," said Dr. Hurt.

Often, at least some of that cost would be passed on consumers, says Hurt.

But this year, because food prices have already jumped by an average of 6% across the country this year, some retailers are hesitant to raise prices dramatically in a short amount of time again.

The uncertain commodity markets however, will ensure prices likely won't drop until the government bailout takes full effect.

"I think eventually, the bailout will help slow that increase to between 2% and 3% by the end of the year. But that's still an increase, not a decrease," said Hurt.

It's another cost to add to the pile for consumers already being hit from all sides.

For farmers like Laidig, it's all adding up to something else: a long, uncertain road ahead.

"We need to find a bottom here fairly soon, and we need some help immediately. We need to have a good idea of where we need to be within the next 3-4 months for planning and planting purposes. Maybe some farmers will plant less. Maybe some will plant different crops. Regardless, we're probably going to see more consolidation among farmers from this, and there will probably be some farmers who can't, or will choose not to keep going," Laidig said.

Still, there is at least some sense of renewed optimism among the agricultural industry that Friday's government bailout will eventually help stabilize commodity prices, too.

Just like on Wall Street, it hasn't happened yet.

The big question now: can farmers already struggling to get by hang on until it does?

"We're getting close to break-even levels now. As we look toward 2009, it's hard to even figure out what happens next," said Laidig.