Grain Market Shift and Profit Implications

By Greg Halich | Associate Extension Professor
Published on Jul. 28, 2021

The grain markets have been on a tear for the last year and have exceeded just about everyone’s expectations as to where they would be going into the summer of 2021.  Current prices for 2021 fall delivery are near $5.50/bu for corn and $13.50/bu for soybeans in many areas in Kentucky (7/22/21).  This is an increase of around $2/bu and $5/bu resp

The Importance of Including Non-Cash Expenses

By Michael Forsythe | KFBM Area Extension Specialist
Published on Jul. 27, 2021

When farmers are evaluating their farm profitability, many times, they will only include their cash expenses and they will ignore a very important component of their true profitability.  It is very important to include non-cash expenses when determining farm profitability.  In this article, we will look at some of these non-cash expenses and why

“There’s an App for That”

By Jordan Shockley | Associate Extension Professor
Published on Jul. 27, 2021

Have you ever pulled your smartphone out and thought, “I sure wish there was an app for that”?  Well, you are not alone.  The development of new mobile apps for just about anything is fast-paced.  Why?  According to comScore, 89% of all mobile minutes are mobile app minutes.  The top two categories for mobile app users are social media and news/

Mid-year Inventory Report Suggests Opposite Trends for Beef and Dairy Numbers

By Kenny Burdine | Extension Professor
Published on Jul. 27, 2021

On Friday, July 23rd, USDA-NASS released their mid-year estimates of US cattle inventory. Most all beef-related inventory categories were lower, with all cattle and calves down 1.3% from July 1, 2020. I tend to focus more on beef cow inventory, which was off a little more than 2% from last year.

Agriculture Exemption Number Now Required for Tax Exemption on Farm Purchases

By Jerry Pierce | KFBM Program Coordinator
Published on Jul. 19, 2021

A new Kentucky law requires that farmers apply for an Agriculture Exemption Number to make qualified purchases for the farm exempt from sales tax.

People Skills: Appropriate Feedback

By Steve Isaacs | Extension Professor
Published on Jun. 29, 2021

Farmers manage crops and cattle, machinery and marketing, land and labor. That last one may be the most difficult. People are the most important resource in a farm business. Nothing productive happens unless people are doing something with the crops, cattle, machinery, marketing, and land.

Does the IRS Consider my Farming Operation a Hobby Farm?

By Tarrah Hardin | KFBM Area Extension Specialist
Published on Jun. 29, 2021

Many producers that have both farm and non-farm income, may question if the IRS considers their farming activities to be a “business” or a “hobby”.  This is a very important distinction to both the farmer and the IRS due to the IRS treatment of business income versus “hobby” income.

Estate Transfer under the Proposed American Families Plan

By Jerry Pierce | KFBM Program Coordinator
Published on Jun. 29, 2021

On May 28th the Biden Administration released a general explanation of its proposed tax changes.

How Hay Became a Four-Letter Word

By Greg Halich | Associate Extension Professor
Published on May. 28, 2021

I've been waiting patiently for the inevitable to happen — for the word “hay” to morph into the word “haye,” or something similar.

U.S. and Global Food Price Inflation

By Will Snell | Extension Professor
Published on May. 28, 2021

Food price inflation continues to be headline news as the food system adjusts from the lingering effects of COVID-19 amidst tight labor/ag supplies, a resurgence in the U.S. economy, and a host of other factors discussed below.