Despite Drought, Net Farm Income Should be Strong
University of Kentucky Agricultural Economist Will Snell says a rise in commodity prices and increasing indemnity payments will result in higher net farm income than many would have expected this year. Speaking to the Interim Joint Committee on Agriculture in Lexington, Snell pointed to USDA projections that net farm income this year will reach its highest level in 42 years.
Snell says Kentucky probably won't reach a goal of five billion dollars in total agricultural receipts this year, but he believes the Bluegrass State will top the four billion dollar mark. Agriculture cash receipts in Kentucky reached $4.9 billion last year.