California farmers are being forced to destroy 420,000 peach trees due to the bankruptcy of Del Monte, a major buyer of their produce. The farmers will use the money from the destruction to remove the trees and potentially plant new crops. The demand for canned peaches, particularly the clingstone variety, has decreased, leading to the closure of canneries and a surplus of unwanted peaches. This situation has significant implications for the farmers and the agricultural industry as a whole.