Changes in Kentucky Sales Tax That Apply to Farming

By Jerry Pierce | KFBM Program Coordinator
Published on Feb. 28, 2023

Legislation went into effect on the first of 2023 that made many services subject to Kentucky’s 6% sales tax. One change was to the qualifications for residential use exemption from sales tax on utilities.

Grain Profitability Outlook 2023

By Greg Halich | Associate Extension Professor
Published on Feb. 28, 2023

The grain markets surged to a new level after Russia’s invasion of Ukraine in late February 24, 2022.  Prices have come down since their peak last spring, but they are still extremely high.  Current prices for 2023 new-crop delivery are around $5.60/bu for corn, $14/bu for soybeans (2/22/23).  This is an increase of around $.30/bu for corn and $

U.S. Beef Cow Herd at Lowest Level Since 1962

By Kenny Burdine | Extension Professor
Published on Feb. 2, 2023

USDA-NASS released their January 1, 2023, cattle inventory estimates on the afternoon of January 31st. There was really no question that the beef cattle herd had gotten smaller; it was really just a question of how much smaller it had gotten.

Tobacco Update + Introducing a New Organization Supporting Tobacco Growers

By Will Snell | Extension Professor
Published on Jan. 30, 2023

The 2022-23 tobacco marketing season is beginning to wind down following challenging growing/curing conditions for the 2022 crop.  Buyers indicate that the subpar-quality crop turned out slightly better than expected.  Grower prices will end up higher, but profitability will be lower given lower yields and inflated input prices.  Consequently, a

Warm Welcome to Dr. Grant Gardner

Published on Jan. 30, 2023

Dr. Grant Gardner was born and raised on a corn and soybean operation in southwestern Indiana. He received his B.S. in Agribusiness from Purdue University in 2017. He subsequently received his M.S. and Ph.D. in Agricultural Economics from the University of Nebraska-Lincoln and Kansas State University in 2019 and 2022, respectively.

Kentucky Sales Tax on Utilities

By Jerry Pierce | KFBM Program Coordinator
Published on Jan. 10, 2023

A legislative change was made to the qualifications for residential use exemption from sales tax on utilities. Effective January 1, 2023, the resident at a specific service address is responsible for declaring it as their place of domicile and the utility services exempt for residential use.

More with Less…. Really?

By Steve Isaacs | Extension Professor
Published on Nov. 29, 2022

We’ve all heard it. Budgets are tight. Profits are down. Vacancies are not filled. People are laid off. So… those who are left have to do their own jobs… and the jobs of those who aren’t here… and we’re going to do MORE? REALLY?

Tax Management is Still Important – Even in a Down Year

By Jennifer Rogers | KFBM Area Extension Specialist
Published on Nov. 29, 2022

With farm production being down, compared to recent years, it may come as a surprise to many that tax management is still vitally important.  Kentucky producers were blessed in 2021 with record yields and good prices, resulting in high revenues.  While some of the 2021 revenue may have been recognized last year, many bushels of crops were held o

The Center for Crop Diversification: A Resource to Farm Market Vendors and Retail Markets

Published on Nov. 29, 2022

As the Kentucky produce season comes to an end, so does a summer staple: farm market spaces. Throughout Kentucky, there are more than 2,700 vendors who practice direct-to-consumer marketing, giving farm markets and retail stores extensive outreach to our communities. With this outreach comes a need for support for these agri-businesses.

Prospects for Winter Backgrounding 2022-2023

By Greg Halich | Associate Extension Professor and Kenny Burdine | Extension Professor
Published on Oct. 31, 2022

Feeder calf prices in Kentucky showed a great deal of strength for much of 2022. In August, a 550 lb steer was selling in the low-mid $180’s per cwt on a state average basis. However, worsening drought conditions have combined with seasonal tendencies and that same weight steer calf is now selling for $15 to $20 less per cwt.