The equine industry experienced its third year of gains. | Photo: Courtesy Univeristy of Kentucky

Agricultural economists from the University of Kentucky College of Agriculture, Food and Environment are projecting 2019 farm cash receipts to be $5.9 billion, equaling the past two years. Kentucky producers saw increases in equine, corn, wheat, dairy, and hemp receipts.

“While low commodity prices continued throughout 2019, sales were aided by better-than-expected grain yields in certain parts of the state,” said Will Snell, PhD, UK agricultural economist. “We expect Kentucky agriculture cash receipts to slightly exceed $6 billion in 2020, with poultry, cattle, and hogs rebounding from 2019 levels. Trade developments and weather will ultimately dictate the 2020 market.”

UK agricultural economists estimate Kentucky producers’ net cash income will exceed $1.8 billion, which is slightly up from 2018 and largely due to two rounds of direct government payments producers received as a result of the Market Facilitation Program. The Trump administration created the program  to support farmers amidst the ongoing trade war. Accounting for this program and other federal farm programs, Kentucky farmers might receive more than $300 million in direct government payments in 2019