(Bloomberg) — With cranberry prices at the lowest in a halfcentury, Nodji Van Wychen has been forced to cut back onfertilizer, staff and pollinating bees just to keep her farm goingnear Pittsville, Wisconsin. Other cranberry growers are finding iteasier to sell the farm to John Hancock Life Insurance Co. and itsever-expanding agriculture group.

"We pretty much cut everything in half," the third- generationfarmer said from her home at the family’s 110-acre marsh northwestof Milwaukee. It’s the worst environment she’s seen since 1959 whenfarmers dumped their entire crop amid a health scare. Van Wychendoesn’t want to sell the operation, but admits the future ofcranberries may not include family growers. "There are many smallerfarmers that are finding that they literally cannot make it," shesaid.

As cranberry season reaches its zenith over the Christmasholiday, farmers are increasingly selling family-owned cranberrybogs — the large tracts of wetland where the bobbing red fruit grow— to larger operators. One buyer name that reigns in these parts isJohn Hancock, whose agricultural investment group is activelylooking for distressed cranberry operations to add to its $2.5billion in assets.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.