Fall 2024 Farm Observations Across Kentucky

Published on Oct. 31, 2024

The observations below are from Area Extension Specialists from the Kentucky Farm Business Management (KFBM) program. Lincoln Trail Association

Decision-Making in a Declining Economy

By Michael Forsythe | KFBM Area Extension Specialist
Published on Oct. 31, 2024

As the farming economy enters a period of decline, farmers are facing issues many of them have not had to deal with in recent years. Net Farm Incomes are low or even negative in many cases. Cash flows are becoming extremely tight. Some farmers are having difficulty renewing operating loans.

Fall 2024 Wheat Planting Decision

By Greg Halich | Associate Extension Professor
Published on Sep. 27, 2024

Corn harvest is now underway and Kentucky grain farmers will soon decide if and how much wheat they will plant this fall.  Compared to last year there is a drop in both soybean and wheat prices, a drop in fuel price, and mostly stable fertilizer prices.

Family Living and Net Farm Income

By Suzy Martin | KFBM Area Extension Specialist
Published on Sep. 27, 2024

The average family living costs for the 119 Kentucky Farm Business Management (KFBM) farm families whose 2023 living expenses were included in the family living study was $88,522 or $7,375 per month. Their average Net Farm Income (NFI) was $123,618.

Understanding ESG and Its Impact on Agriculture

By Jordan Shockley | Associate Extension Professor
Published on Sep. 27, 2024

As companies continue their quest to mitigate their carbon footprint, achieving a “net-zero” goal is one slice of their sustainability pursuit. There are three main factors that are used to assess the sustainability and ethical impact of a company’s operation.

Avoid Costly Fines: What You Need to Know About New Beneficial Ownership Reporting Rules

By Laura Powers | KFBM Area Extension Specialist and Suzy Martin | KFBM Area Extension Specialist
Published on Aug. 29, 2024

In 2021, Congress passed the Corporate Transparency Act, requiring certain entities to report information on their owners and those who have a certain level of control over the entity, referred to as Beneficial Ownership Information (BOI). This law became effective January 1, 2024.

What to Think About Going into Harvest?

By Tarrah Hardin | KFBM Area Extension Specialist
Published on Aug. 29, 2024

As we are moving into harvest there are couple of things to think about in terms of farm finances.  This year, net farm income is expected to decline and many farmers are worried about how they will cash flow the rest of the 2024 crop year. Now is the time to think about what can be done to help from seeing a significant decrease this year.

2024 Farmland Values

By Steve Isaacs | Extension Professor
Published on Aug. 29, 2024

According to USDA estimates from their annual Land Values Summary, Kentucky’s average Farm Real Estate Values increased 7.5% in 2024 to $5,300/acre, up from $4,930 in 2023. Figure 1 is a comparison of Kentucky land values with the national trend since 2000.

Ag Census Summary on Government Farm Program Payments for Kentucky Counties/Regions

By Will Snell | Extension Professor
Published on Jul. 30, 2024

The Ag Census provides data to examine the relative importance of government farm program payments on a state and county level.

Navigating Carbon Strategies: Understanding Offsets and Insets in Agriculture

By Jordan Shockley | Associate Extension Professor
Published on Jul. 30, 2024

As corporations worldwide intensify efforts to mitigate their carbon footprints, two primary strategies have emerged: carbon offsets and carbon insets. These approaches, while designed to address corporate emissions, have significant implications for the agricultural sector.