Kentucky’s Agricultural Economy Improves

Kentucky’s equine market recovered from the global recession and stabilized in 2017, a UK agricultural economist said.

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Kentucky agricultural cash receipts and net farm income rebounded in the past year from 2016 levels, but are still well below record levels set earlier in the decade.

Agricultural economists from the University of Kentucky (UK) College of Agriculture, Food and Environment are projecting 2017 farm cash receipts to be $5.6 billion, a 3.5% increase from 2016. Preliminary indications also point to a modest increase in net farm income from 2016 levels.

“Higher crop yields, improved livestock prices, and fairly stable input costs helped Kentucky agriculture and Kentucky farm incomes rebound in 2017,” said Will Snell, PhD, UK agricultural economist. “For 2018, assuming a normal growing season, Kentucky ag cash receipts are expected to be slightly higher ($5.7 billion) with modest gains in poultry, horses, and soybeans, offsetting expected losses in tobacco, corn, and cattle.”

The state is largely following national trends, with U.S. farm incomes and cash receipts also seeing a slight rebound but still well below record levels

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