Kentucky’s agricultural industry continues strong growth. For the second year in a row, agriculture economist Will Snell expects farm revenue to reach an all-time-high.
“You know, here in 2013, obviously a totally different weather pattern than we had in 2012, but really the outcome from an economic impact is very similar and that’s an extremely strong Kentucky Ag economy,” said Snell.
The University of Kentucky ag expert says cash receipts this year should hover around six billion dollars. Among the biggest contributing factors were the high prices paid this year for corn, wheat, and soybeans grown in the Commonwealth. Now, Snell says, prices are down, but farmers have seen larger crops and have more to sell.
“You know, if you’re a grain farmer, six –seven dollars plus per bushel of corn prices that we saw last year, you know prices at harvest have been four dollars a bushel or below, but again that’s been more than compensated by a substantial improvement in our yields this year compared to the drought reduced yields we had last year,” said Snell.
As for livestock, Snell says the state’s poultry, equine, beef cattle, and dairy sectors are all faring well. While dairy farmers have faced challenges, Snell says lower feed prices have helped them some. In 20-14, Snell worries about a global grain glut and the impact of ethanol production on grain supplies.