After a period of record cash receipts, Kentucky farmers are feeling the squeeze from lower commodity prices and sluggish exports.
University of Kentucky ag economists predicted Dec. 3 that statewide farm cash receipts will drop to $6 billion in 2015. That would be down 8 percent from last year’s record $6.5 billion. Crop receipts are expected to decline 16 percent and livestock receipts are forecast to be down 3 percent.
The economists say Kentucky’s net cash farm income – the amount left after expenses – will likely drop below $2 billion in 2015. They say next year’s amount looks to approach the $1.4 billion average early in the decade.
The state’s net farm cash income peaked at $2.75 billion in 2013.
Another factor behind lower receipts is the end of tobacco buyout payments.
Topics Agribusiness Kentucky
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