VERDIGRE, Neb. — Ice chunks the size of small cars ripped through barns and farmhouses. Baby calves were swept into freezing floodwaters, washing up dead along the banks of swollen rivers. Farm fields were now lakes.

The record floods that have pummeled the Midwest are inflicting a devastating toll on farmers and ranchers at a moment when they can least afford it, raising fears that this natural disaster will become a breaking point for farms weighed down by falling incomes, rising bankruptcies and the fallout from President Trump’s trade policies.

“When you’re losing money to start with, how do you take on extra losses?” asked Clint Pischel, 23, of Niobrara, Neb., whose lowland fields were flooded by the ice-filled Niobrara River after a dam failed. He spent Monday gathering 30 dead baby calves from his family’s ranch in this northern region of the state, finding their bodies under huge chunks of ice.

“There’s no harder business to be in,” Mr. Pischel added. “But with death and everything else, you’ve got to answer to bankers. It’s not our choice.”