Kansas Economist Says State Farm Income Has Declined
A farm economist with the Kansas Farm Management Association says gross income for farms is down by at least 20 percent in the state.
The Hutchinson News reports that last year southwest Kansas farmers averaged about $56,000 in accrual net farm income, a $50,000 drop from 2013.
Doug Stucky is currently visiting farms across the region working on year-end planning.
The U.S. Department of Agriculture predicted in November that net farm income in the country will drop about 40 percent to $55.9 billion this year, reflecting depressed crop prices and a softening livestock market.
The decrease in income has affected companies that manufacture equipment as well. Randy Veatch, vice president of sales for Straub International, says agricultural manufacturers are reporting a nearly 30 percent decline in sales since about 2013.