LOUISVILLE, Ky. (AP) — University of Kentucky agricultural economists are predicting the state’s farm sector will produce a record $6 billion in cash receipts in 2014.
But they are forecasting a five percent drop in next year’s ag cash receipts due to the end of tobacco buyout payments and lower grain prices.
University of Kentucky agriculture economist Will Snell says Kentucky’s diverse farm economy has it positioned better than much of the country. Kentucky’s projected total is up five percent over 2013, while U.S. farm cash receipts are expected to drop by one percent in 2014.
Snell says strong increases in beef, poultry, dairy and hog prices are boosting this year’s cash receipts.
The forecasts by Snell have become a fixture at the Kentucky Farm Bureau’s meeting, which was happening Thursday in Louisville.
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