Kentucky Farm Business
Management Publications

Annual Summary

Annual Financial Summary

Kentucky Farm Business Management Program: Annual Summary Data: Kentucky Beef Farms Ė 2013. Michael Forsythe. August, 2014. (Adobe Acrobat format.)
This report presents the summarized 2013 performance data (financial and physical) on 17 Kentucky beef farm businesses for financial purposes and 75 beef herds for production purposes. A beef farm is defined as a farm on which the value of feed fed was more than 40 percent of the crop returns and the beef enterprise utilized more than one-half of the value of feed fed. Some data are presented from previous years so trends and changes can be studied.

Kentucky Farm Business Management Program: Annual Summary Data: Kentucky Grain Farms - 2013. Amanda R. Jenkins. August, 2014. (Adobe Acrobat format.)
This report presents the summarized 2013 performance data (financial and physical) on 340 Kentucky farm businesses. Some data are presented for previous years so that trends and changes can be studied.

2013 Kentucky Farm Business Management Tobacco Farm Summary. Laura Powers. August, 2014. (Adobe Acrobat format.)
There were 268 farms represented in the final analysis of the Kentucky Farm Business Management Program for 2013. Of these 268 farms, 59 farms (22% of total) had 2,853 operator acres of burley tobacco, 40 farms (15% of total) had 586 operator acres of dark air-cured tobacco, and 38 farms (14% of total) grew 1,325 operator acres of dark fire-cured tobacco. Average production from all types of tobacco was at its lowest level in the past four years.

Kentucky Farm Business Management Program: Annual Summary Data - 2013. Jerry S. Pierce, Jr.. August, 2014. (Adobe Acrobat format.)
This report presents the summarized 2013 performance data, both financial and physical, on 340 Kentucky farm businesses. Some data are presented for previous years so that trends and changes can be studied.

Kentucky Farm Business Management Program Annual Summary Data Kentucky Dairy Farms - 2012. Amanda R. Jenkins. September, 2013. (Adobe Acrobat format.)
The farm business summaries in this report are used by individual farmers to analyze their business operations and to develop future plans for their farming operations. This report summarizes information so that specialists in agricultural extension, teaching, and research can use the data to enhance their programs. The definition of terms and income and expense measures below will be of assistance in using the data.

Kentucky Farm Business Management Program: Annual Summary Data: Pennyroyal Area Farms - 2012. Amanda R. Jenkins and Rush H. Midkiff. September, 2013. (Adobe Acrobat format.)
This annual summary is meant to be used as a reference for obtaining information about Kentucky farms. The results are therefore presented without interpretation.

Kentucky Farm Business Management Program: Annual Summary Data Ohio Valley Farms - 2012. Lauren Omer. June, 2013. (Adobe Acrobat format.)
This report presents the summarized 2012 performance data, both financial and physical, on 256 Kentucky farm businesses. Some data are presented for previous years so that trends and changes can be studied. This is the 46th annual summary of records obtained from farmers participating in the Kentucky Farm Business Management (KFBM) program.

Kentucky Farm Business Management Program: Purchase Area Farms 2012. Jennifer Rogers. June, 2013. (Adobe Acrobat format.)
The Purchase Area of Kentucky is considered to be the western most eight counties, including: Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall, and McCracken. The Purchase Farm Analysis Group, Inc. serviced 34 farms in this area during 2012. These farms consisted of mostly grain production (corn, wheat, and soybeans). Other farm types include contract broiler production, contract hog production, dairy and beef cattle farms. Due to current Kentucky Farm Business Management (KFBM) Program data standards, only 18 of these farms were included in the average data. Contract broiler and hog production farms are not included in the data, unless the farm also qualifies as a grain farm, where broiler and hog returns are represented as livestock returns above feed costs. Limited data numbers prevents there from being average farm data for only the Purchase Area for dairy and beef farms. Please see the Kentucky Annual Summary Data, Extension Publication No. 2013-10 for state-wide average information for these farm types. It is important to note the farms represented in the KFBM dataset can change from year to year, and that fluctuations within the data could be due to this change of sample.

Kentucky Farm Business Management Program: Annual Summary Data: Kentucky Grain Farms - 2012. Amanda R. Jenkins. June, 2013. (Adobe Acrobat format.)
This report presents the summarized 2012 performance data (financial and physical) on 256 Kentucky farm businesses. Some data are presented for previous years so that trends and changes can be studied. This is the 46th annual summary of records obtained from farmers participating in the Kentucky Farm Business Management (KFBM) program

Kentucky Farm Business Management Program: Annual Summary Data 2012. Jerry S. Pierce, Jr.. June, 2013. (Adobe Acrobat format.)
This report presents the summarized 2012 performance data, both financial and physical, on 256 Kentucky farm businesses. Some data are presented for previous years so that trends and changes can be studied. This is the 46th annual summary of records obtained from farmers participating in the Kentucky Farm Business Management (KFBM) program.

Kentucky Farm Business Management Program Annual Summary Data: Kentucky Beef Farms. Michael Forsythe. June, 2013. (Adobe Acrobat format.)
Managing a farm business is almost impossible without a complete set of farm records. Records such as those underlying the KFBM program provide the essential information required by lenders and tax preparers, and also provide the means for farmers to fully analyze their businesses. Analyzing this complete record gives an accurate evaluation of how profitable and efficient the business is, indicates the business' weak points and strong points, and provides reliable data (particularly physical production data) for use in planning.

Kentucky Farm Business Management Program: Annual Summary Data: Kentucky Beef Farms - 2011. Michael C. Forsythe. August, 2012. (Adobe Acrobat format.)
The farm business summaries in this report are used by individual farmers to analyze their business operations and to develop future plans for their farming operations. This report summarizes information so that specialists in agricultural extension, teaching, and research can use the data to enhance their programs. The definition of terms and income and expense measures below will be of assistance in using the data. For the purpose of the Kentucky Farm Business Management (KFBM) Program, a beef farm is a farming operation on which the value of feed fed was more than 40 percent of the crop returns and the beef enterprise utilized more than one-half of the value of feed fed.

Kentucky Farm Business Management Program: Annual Summary Data: Kentucky Grain Farms - 2011. Amanda R. Jenkins and Michael C. Forsythe. August, 2012. (Adobe Acrobat format.)
The farm business summaries in this report are used by individual farmers to analyze their business operations and to develop future plans for their farming operations. This report summarizes information so that specialists in agricultural extension, teaching, and research can use the data to enhance their programs. The definition of terms and income and expense measures below will be of assistance in using the data.

Kentucky Farm Business Management Program: Annual Summary Data: Central Kentucky Area Farms - 2011. Amanda R. Jenkins. August, 2012. (Adobe Acrobat format.)
The farm business summaries in this report are used by individual farmers to analyze their business operations and to develop future plans for their farming operations. This report summarizes information so that specialists in agricultural extension, teaching, and research can use the data to enhance their programs. The definition of terms and income and expense measures below will be of assistance in using the data.

Kentucky Farm Business Management Program: Annual Summary Data - Ohio Valley Area Farms - 2011. Lauren Omer. July, 2012. (Adobe Acrobat format.)
This report presents the summarized 2011 performance data (financial and physical) on 252 Kentucky farm businesses. Some data are presented for previous years so that trends and changes can be studied.

Kentucky Farm Business Management Program: Annual Summary Data: Purchase Area Farms 2011. Jennifer Rogers. June, 2012. (Adobe Acrobat format.)
The farm business summaries in this report are used by individual farmers to analyze their business operations and to develop future plans for their farming operations. This report summarizes information so that specialists in agricultural extension, teaching, and research can use the data to enhance their programs. The definition of terms and income and expense measures below will be of assistance in using the data.

Kentucky Farm Business Management Program: Annual Summary Data-2011. Jerry S. Pierce, Jr.. June, 2012. (Adobe Acrobat format.)
This report presents the summarized 2011 performance data (financial and physical) on 253 Kentucky farm businesses. Some data are presented for previous years so that trends and changes can be studied. This annual summary is meant to be used as a reference for obtaining information about Kentucky farms. The results are therefore presented without interpretation.

Kentucky Farm Business Management Program: Annual Summary Data - Central Kentucky Area Farms - 2010. Jonathan D. Shepherd. November, 2011. (Adobe Acrobat format.)
The Lincoln Trail Association expanded in 2010 with the merger of the Bluegrass Association. Post merger, the Lincoln Trail Association includes all counties east of Meade, Breckinridge, Grayson, Hart, Green, Adair, and Cumberland Counties. In 2010, there were 74 member cooperators in Lincoln Trail area, with 48 contributing to the KFBM annual summary. The large geographical region covered by the Lincoln Trail Association results in a diverse enterprise mix. This association currently has cooperator members engaged in the following enterprises: dairy, beef, hog, grain, tobacco, poultry, hay and forages, as well as value-added farm products.

Kentucky Farm Business Management Program:Annual Summary Data - 2010. KFBM Specialists. June, 2011. (Adobe Acrobat format.)
This report presents the summarized 2010 performance data (financial and physical) on 255 Kentucky farm businesses. Some data are presented for previous years so that trends and changes can be studied. This is the 44th annual summary of records obtained from farmers participating in the Kentucky Farm Business Management Program. The program is a cooperative effort between the Department of Agricultural Economics of the University of Kentucky and four incorporated Farm Analysis Groups. This program was initiated to improve Kentucky farm management.

Kentucky Farm Business Management Program: Annual Summary Data - Kentucky Dairy Farms - 2010. Lauren E. Omer. June, 2011. (Adobe Acrobat format.)
For the purpose of the Kentucky Farm Business Management Program (KFBM), a dairy farm is a farming operation on which the value of feed fed was more than 40 percent of the crop returns and the dairy enterprise utilized more than one-third of the value of feed fed. In 2010, there were a total of 34 dairy farms included in the dairy farm analysis. These farms are scattered throughout the state, but are primarily in the central Kentucky area.

Kentucky Farm Business Management Program: Annual Summary Data - Pennyroyal Area Farms - 2010. Rush H. Midkiff. June, 2011. (Adobe Acrobat format.)
The Pennyroyal area of Kentucky consists of 17 counties in south central Kentucky: Livingston, Crittenden, Lyon, Caldwell, Trigg, Christian, Todd, Muhlenberg, Butler, Logan, Simpson, Warren, Edmonson, Barren, Allen, Monroe, and Metcalfe. The Pennyroyal Farm Analysis Group, Inc. serviced 176 farms in this area during 2010. These farms consisted of mostly grain production (corn, wheat, and soybeans). Other farm types include contract broiler production, contract hog production, dairy, beef and tobacco farms. Due to current Kentucky Farm Business Management (KFBM) Program data standards, only 140 of these farms were included in the average data. Contract broiler and hog production farms are not included in the data, unless the farm also qualifies as a grain farm, where broiler and hog returns are represented as livestock returns above feed costs. Limited data numbers prevents there from being average farm data for only the Pennyroyal area for dairy and beef farms.

Kentucky Farm Business Management Program: Annual Summary Data- Kentucky Net Farm Income and Management Returns - 2010. Suzy L. Martin. June, 2011. (Adobe Acrobat format.)
Although not as outstanding as the prior two years, Kentucky had a very profitable year in 2010. Net Farm Income (NFI) was positive across all areas of the state (Table 1). In fact, all areas were well above their respective ten-year average. Lincoln Trail and Bluegrass were also above their five-year average, while the more grain producing areas were slightly below the five-year average. This was due to a hard hitting drought in 2010 in the grain producing areas.

Kentucky Farm Business Management Program: Annual Summary Data-Kentucky Grain Farms - 2010. D. Bart Peters. June, 2011. (Adobe Acrobat format.)
Average Net Farm Income (NFI) on 198 Kentucky grain farms was $314,375. This is 23% lower than 2009. Although net income was lower in 2010, it is the 3rd highest income recorded by Kentucky grain farms, behind 2008 and 2009, and just below the five-year average. However, it is significantly higher than the 10 year average. Management Returns were also lower in 2010 with the average grain farm reporting $146,777. Management Returns are calculated by subtracting a capital investment charge for the operatorís equity ($117,719) and a charge for operatorís labor ($48,008). Again, the 2010 Management Return is lower than 2009, but still the 3rd highest recorded by Kentucky farms.

Kentucky Farm Business Management Program: Annual Summary Data - Kentucky Beef Farms - 2010. Michael C. Forsythe. June, 2011. (Adobe Acrobat format.)
For the purpose of the Kentucky Farm Business Management (KFBM) Program, a beef farm is a farming operation on which the value of feed fed was more than 40 percent of the crop returns and the beef enterprise utilized more than one-half of the value of feed fed. In 2010, there were a total of 64 beef herds in KFBM, but only 14 farms that met the requirements to be considered a beef farm for the Economic Management Analysis. The other beef herds were a smaller portion of the total farming operation. All beef herds were used in calculating returns per cow, production, feed cost, average price and weight in Table 4.2, but only the 14 beef farms were used in calculating Net Farm Income (NFI), management returns, and financial efficiency ratios.

Kentucky Farm Business Management Program: Annual Summary Data - Purchase Area Farms - 2010. Jennifer L. Rogers. June, 2011. (Adobe Acrobat format.)
The Purchase area of Kentucky is considered to be the western most eight counties, including: Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall, and McCracken. The Purchase Farm Analysis Group, Inc. serviced 28 farms in this area during 2010. These farms consisted of mostly grain production (corn, wheat, and soybeans). Other farm types include contract broiler production, contract hog production, dairy and beef cattle farms. Due to current Kentucky Farm Business Management (KFBM) Program data standards, only 17 of these farms were included in the average data. Contract broiler and hog production farms are not included in the data, unless the farm also qualifies as a grain farm, where broiler and hog returns are represented as livestock returns above feed costs. Limited data numbers prevents there from being average farm data for only the Purchase area for dairy and beef farms. Please see the Kentucky average summary for state-wide average information for these farm types.

Kentucky Farm Business Management Program: Annual Summary Data - Ohio Valley Area Farms - 2010. Lauren E. Omer. June, 2011. (Adobe Acrobat format.)
The Ohio Valley area of Kentucky is in the western part of Kentucky with many counties bordering the Ohio River. Counties included in the Ohio Valley area are: Daviess, Hancock, Henderson, Hopkins, McLean, Ohio, Union, and Webster. The Ohio Valley Farm Analysis Group, Inc. served 75 farms in the area during 2010. Due to current KFBM data standards, only 54 farms were included in the average data. The majority of the farms were grain farms (corn, wheat, and soybeans). However, there were also tobacco, contract broiler production, contract hog production, and beef cattle farms. Ohio Valley averages were computed for grain farms. Limited data prevents the publication of Ohio Valley specific tobacco, contract broiler, contract hog, and beef cattle farms.

Enterprise Study - Crops

Ohio Valley Farm Analysis Group: 2013 Analysis. Suzy L. Martin and Lauren Omer. June, 2014. (Adobe Acrobat format.)
Tables showing crop yields by county, net farm income, capital purchases, crop return per acre and financial ratios of the Kentucky Farm Business Management Ohio Valley Farm Analysis Group.

Pennyroyal Farm Analysis Group: 2013 Analysis. Rush Midkiff, Michael Forsythe, Amanda Jenkins, Laura Powers. June, 2014. (Adobe Acrobat format.)
Tables showing the Crop Yields by County, the Crop Return per Acre, the Net Farm Income, the Tillable Acres per Farm and the Financial Ratios of the KFBM Pennyroyal Farm Analysis Group.

Purchase Farm Analysis Group: 2013 Grain Farm Analysis Quick Facts. Jennifer Rogers. June, 2014. (Adobe Acrobat format.)
Tables showing the Crop Yields (corn, soybean, wheat), the Net Farm Income, the Crop Return per Acre and the Tillable Acres per Farm for the KFBM Purchase Farm Analysis Group.

Enterprise Study - Tobacco

2012 Kentucky Farm Business Management Tobacco Farm Summary. Laura Powers. June, 2013. (Adobe Acrobat format.)
There were 256 farms represented in the final analysis of the Kentucky Farm Business Management Program for 2012. Of these 256 farms, 53 farms (21%) had 2,449 operator acres of burley tobacco, 40 farms (15.6%) had 523 operator acres of dark air‐cured tobacco, and 39 farms (15%) grew 1,157 operator acres of dark fire‐cured tobacco. Average yield for KFBM tobacco farms were 2,268 pounds per acre of burley, 2,771 pounds per acre of dark air‐cured, and 3,125 pounds per acre for dark fire‐cured tobacco.

Enterprise Study - Family Living

Enterprise Study - Family Living

Kentucky Farm Business Management Program: Family Living 2013: Sources and Uses Summary. Laura Powers and Suzy Martin. September, 2014. (Adobe Acrobat format.)
Family Living Expenses can have a direct impact on the sustainability of the family farm. Just like labor expenses can impact the bottom-line of any business, the amount of money that farm families spend for non-farm purposes can determine the farmís ability to remain viable. The Kentucky Farm Business Management (KFBM) program collected family living data from 145 farms during 2013. This data is summarized based on the average farm, family size, and the size of the farm.

Kentucky Farm Business Management Program: Family Living 2010 Sources and Uses Summary. Jennifer Rogers, Suzy Martin, and Jerry Pierce, Jr.. September, 2011. (Adobe Acrobat format.)
Family Living Expenses can have a direct impact on the sustainability of the family farm. Just ike labor expenses can impact the bottom-line of any business, the amount of money that farm amilies spend for personal purposes can determine the farmís ability to remain viable. The Kentucky Farm Business Management (KFBM) program collected data from 163 farms families during 2010. This data is summarized based on the average farm, family size, age of the oldest child, and the size of the farm.

Enterprise Study - Livestock

Enterprise Study - Dairy

Kentucky Farm Business Management Program: 2010 Dairy Enterprise Analysis. Lauren E. Omer and Rush H. Midkiff. April, 2012. (Adobe Acrobat format.)
This enterprise analysis study examines the economic and production variables of Kentucky dairies.

KFBM: Comparisons of 2010 Economic Management, Production Factors, and Financial Condition of Kentucky Dairy Farms. Jerry S. Pierce, Jr. and Amanda R. Jenkins. September, 2011. (Adobe Acrobat format.)
This report presents the summarized 2010 performance data (financial and physical) on 34 Kentucky dairy farms. Some data are presented for previous years so that trends and changes can be studied.

Management

Decision Aids

2011 Crop Budgets. Evan Conrad. November, 2011. (Adobe Acrobat format.)
Handouts from a Powerpoint presentation given at the Pennyroyal Farm Analysis Annual Meeting in November 2010. Looks at corn and soybean profitability in 2011 through four scenarios: 1) baseline commodity prices, 2) high fertilizer prices, 3) high commodity prices, and 4) low commodity prices.

Preliminary Reports

Profitability Up For 2013 Grain Farms. Jerry S. Pierce, Jr.. April, 2014. (Adobe Acrobat format.)
Based on preliminary data from 164 grain farms participating in the Kentucky Farm Business Management (KFBM) program, average Net Farm Income (NFI) increased for grain farms to $529,689. If preliminary indications of NFI hold, 2013 will be the highest year on record for KFBM grain farms.

Economic Management Analysis: KFBM Cooperators - 2011 Preliminary Analysis. Jerry Pierce. April, 2012. (Adobe Acrobat format.)

Economic Management Analysis - KFBM Cooperators 2010 Preliminary Analysis. KFBM Specialists. April, 2011. (Adobe Acrobat format.)
2010 Preliminary Analysis of Farm Profitability of KFBM Cooperators

Preliminary Summary Data - 2014. Jerry S. Pierce, Jr. March, 2014. (Adobe Acrobat format.)
This report presents the summarized preliminary 2013 performance data, both financial and physical, on 196 Kentucky farm businesses. The data are obtained from farmers participating in the Kentucky Farm Business Management (KFBM) program and represents only what was available as of March 1, 2014. Final data will be published in June, 2014.

Dairy

Economic Management Analysis - Average Kentucky Dairy Farm for Year Ending December 31, 2010. KFBM Specialists. April, 2011. (Adobe Acrobat format.)
Preliminary Comparison by Herd Size


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