Kentucky Farm Business Management
Archived Publications

Annual Summary

Annual Financial Summary

Kentucky Farm Business Management Program: Annual Summary Data 2009. KFBM Specialists. June, 2010. (Adobe Acrobat format.)
Kentucky commercial farmers experienced another excellent year as measured by Net Farm Income. Farms participating in the Kentucky Farm Business Management Program (KFBM) in all areas had Net Farm Incomes above the five-year and ten-year averages.

Kentucky Farm Business Management Program: Annual Summary Data, 2008. Jerry Pierce. June, 2009. (Adobe Acrobat format.)
The data for this study are drawn from the detailed financial and production records of producers cooperating with the Kentucky Farm Business Management Program. The data are not drawn from a random sample of farms in the state. However, these data are the most accurate and detailed farm financial data which are available to researchers and educators. Every attempt has been made to select a set of farms for these research studies which are “typical” operations and have complete financial information available for analysis. These data are carefully cross-checked by our farm management specialists before inclusion in this analysis. It should be noted that farms included in this study are representative of commercial farms producing major commodities and livestock, but not of all farms in Kentucky.

Kentucky Farm Business Management Program: Annual Summary Data, 2007. Jerry Pierce. September, 2008. (Adobe Acrobat format.)
The data for this study are drawn from the detailed financial and production records of producers cooperating with the Kentucky Farm Business Management Program. The data are not drawn from a random sample of farms in the state. However, these data are the most accurate and detailed farm financial data which are available to researchers and educators. Every attempt has been made to select a set of farms for these research studies which are “typical” operations and have complete financial information available for analysis. These data are carefully cross-checked by our farm management specialists before inclusion in this analysis. It should be noted that farms included in this study are representative of commercial farms producing major commodities and livestock, but not of all farms in Kentucky.

Kentucky Farm Business Management Program: Annual Summary Data - 2006. David Heisterberg. September, 2007. (Adobe Acrobat format.)
The data for this study are drawn from the detailed financial and production records of producers cooperating with the Kentucky Farm Business Management Program. It should be noted that farms included in this study are representative of commercial farms producing major commodities and livestock, but not of all farms in Kentucky.

Kentucky Farm Business Management Program: 2005 Annual Summary. David Heisterberg. September, 2006. (Adobe Acrobat format.)
Farm Business Management Groups were organized byinterested farmers in 5 Extension areas in Kentucky. Through the joint efforts of farmer members and the University of Kentucky Cooperative Extension Service, these farmers receive a business analysis of their individual ooperations and a comparative analysis with similar type farms. Findings from these groups reveal problems and opportunities in agriculture by area of the state, by type of farm operation, and by farm enterprise.

Kentucky Farm Business Management Program: 2004 Annual Summary. David Heisterberg. September, 2006. (Adobe Acrobat (62 pages) format.)
Kentucky commercial farmers experienced another excellent year as measured by Net Farm Income.

Kentucky Farm Business Management Program: 2003 Annual Summary. David L Heisterberg. February, 2004. (Adobe Acrobat format.)
Kentucky commercial farmers experienced a dramatic increase in net income for 2003 as compared to the major decrease in profitability for the 2002 production year. As measured by Net Farm Income, profitability of farms participating in the Kentucky Farm Business Management Program (KFBM) increased 312% from the prior year. The data in Table 11 helps to give a perspective of net farm income and net management returns to Kentucky farm operators in KFBM from 1989 through 2003. It is important to note that management returns and net farm income for any farm, are highly variable from year to year. However, on average, net returns were significantly above the five and ten year averages.

Kentucky Farm Business Management Program: 2002 Annual Summary. David L Heisterberg. August, 2003. (Adobe Acrobat format.)
Kentucky commercial farmers suffered a major decrease in profitability for the 2002 production year compared to 2001. As measured by Net Farm Income, profitability of farms participating in the Kentucky Farm Business Management Program (KFBM) decreased significantly (down 56.9%) from the prior year.

Kentucky Farm Business Management Program: 1999 Annual Financial Summary. Gregg Ibendahl, Russell D. Morgan and David Heisterberg. September, 2000. (Adobe Acrobat (100 pages) format.)

Kentucky Farm Business Management Program: 1998 Annual Financial Summary. Gregg Ibendahl and Russell D. Morgan. November, 1999. (Adobe Acrobat (83 pages) format.)

Sole Proprietor

Kentucky Farm Business Management Program: 2000 Sole Proprietor Financial Summary. Gregg Ibendahl. December, 2001. (Adobe Acrobat (43 pages) format.)

Enterprise Study - Crops

Kentucky Farm Business Management Program: 2005 Enterprise Analysis Snapshots of Selected Crops. Jennifer Rogers and Craig Gibson. May, 2007. (Adobe Acrobat format.)
The data for this study are drawn from the detailed financial records of producers cooperating with the University of Kentucky - Kentucky Farm Business Management Program. The data are not drawn from a random sample of farms in the state. . . . It should be noted that farms included in this study are representative of commercial farms producing major commodities and livestock, not all farms in Kentucky.

Enterprise Study - Corn

Kentucky Yellow Corn Production: 1999-2003. Craig Gibson. November, 2004. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Yellow Corn Enterprises 1999 Costs and Returns. Terry W. Moss and Steven K. Riggins. August, 2001. (Adobe Acrobat (19 pages) format.)

Kentucky Farm Business Management Program: 1998 Yellow Corn Costs and Returns. Terry Moss, Gregg Ibendahl and Steve Riggins. February, 2000. (Adobe Acrobat (12 pages) format.)

Enterprise Study - Soybean

Full Season Soybean Enterprise: 1999-2003. Craig Gibson. November, 2004. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Full Season Soybeans Enterprise 1998 Costs and Returns. Waylon Ramming, Carl Dillon and Gregg Ibendahl. March, 2000. (Adobe Acrobat (11 pages) format.)

Kentucky Farm Business Management Program: 1998 Double Crop Soybean Costs and Returns. Waylon Ramming, Carl Dillon and Gregg Ibendahl. March, 2000. (Adobe Acrobat (10 pages) format.)

Enterprise Study - Tobacco

Kentucky Farm Business Management Program: 2008 Tobacco Enterprise Analysis. Evan M. Conrad. December, 2009. (Adobe Acrobat format.)
The aim of this study is to show the financial returns for the different types of tobacco producers in the KFBM program in 2008. Producers can use this study to potentially identify strengths and/or weaknesses in their own operations.

Kentucky Farm Business Management Program: 1999 Burley Tobacco Costs and Returns. Laura Powers, Darwin Foley and Steve Isaacs. February, 2001. (Adobe Acrobat (15 pages) format.)

Kentucky Farm Business Management Program: 1998 Burley Tobacco Costs and Returns. Kenny Burdine, Steve Isaacs and Darwin Foley. December, 1999. (Adobe Acrobat (14 pages) format.)

Enterprise Study - Wheat

Wheat and Double-Crop Soybeans: 1990-2003. Craig Gibson. November, 2004. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Wheat Enterprises 1999 Costs and Returns. David L. Heisterberg and Richard L. Trimble. July, 2001. (Adobe Acrobat (16 pages) format.)

Kentucky Farm Business Management Program: 1998 Wheat Costs and Returns. Bart Peters, Carl Dillon, Gregg Ibendahl and Richard L. Trimble. March, 2000. (Adobe Acrobat (10 pages) format.)

Enterprise Study - Family Living

Enterprise Study - Family Living

Kentucky Farm Business Management Program: Family Living - 2009 Sources and Uses Summary. Jennifer Rogers, Lauren Omer, and Jerry Pierce, Jr.. August, 2010. (Adobe Acrobat format.)
Family Living Expenses can be of vital importance to the farm. Family Living does not impact the profitability of the farming operation, but can determine its ability to cash flow. Thus it is important for farm families to measure money leaving the farm and budget accordingly. The Kentucky Farm Business Management Program collected data on Family Living Sources and Uses for 103 farm families during 2009. Family Living Sources and Uses were studied based on the average per farm, size of the family, age of the oldest child, and size of the farm.

Kentucky Farm Business Management Program: Family Living 2008 Sources and Uses Summary. Jerry S. Pierce, Jennifer L. Rogers and Jonathan D.Shepherd. July, 2009. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Family Living 2007 Sources and Uses Summary. Jerry S. Pierce, Jennifer L. Rogers, and Curtis L. Mahnken. September, 2008. (Adobe Acrobat format.)
The level of family living can be dependent on several factors including family size, age and available funds. In an effort to account for these differences family living expenses will be examined by looking at the average per farm in Kentucky, family size, age of children, and the size of farm.

Kentucky Farm Business Management Program: Family Living 2006 Sources and Uses Summary. David Heisterberg, Jennifer Rogers, and Michael Forsythe. July, 2007. (Adobe Acrobat format.)
This study is based on data from the Kentucky Farm Business Management Program and includes financial information obtained from the records of the farmer-members who participate in the KFBM program and track family living expenses. Average family living expenses will be analyzed based on trends from 2002-2006, size of family, age of children, size of farm, and age of operator.

Kentucky Farm Business Management Program: Family Living - 2005 Sources and Uses Summary. David Heisterberg and Jennifer Rogers. July, 2006. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Family Living - 2004 Sources and Uses Summary. David Heisterberg and Jennifer Rogers. July, 2006. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Family Living - 2003 Sources and Uses Summary. David Heisterberg and Jennifer Rogers. July, 2006. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Family Living - 2002 Sources and Uses Summary. David Heisterberg and Jennifer Rogers. July, 2006. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Family Living - 2001 Sources and Uses Summary. David Heisterberg and Jennifer Rogers. July, 2006. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Family Living - 2000 Sources and Uses Summary. David Heisterberg and Jennifer Rogers. July, 2006. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Family Living - 1999 Sources and Uses Summary. David Heisterberg and Jennifer Rogers. July, 2006. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Family Living - 1998 Sources and Uses Summary. David Heisterberg and Jennifer Rogers. July, 2006. (Adobe Acrobat format.)

Enterprise Study - Livestock

Enterprise Study - Cattle

Kentucky Farm Business Management Program: 2008 Beef Enterprise Analysis. Jonathan Shepherd and Rick Costin. October, 2009. (Adobe Acrobat format.)
The aim of this study is to show the financial and production situation of like-type producers. Producers can use this study to potentially identify strengths and/or weaknesses in their own operations based on a set of good records. This may allow producers to make changes to their current operation to move toward or achieve a profitable scenario.

Kentucky Farm Business Management Program Beef Cow Enterprises 2003 Costs and Returns Summary. Craig D. Gibson, Jennifer L. Rogers, Suzy L. Martin. July, 2004. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: Beef Cow Enterprises 2000 Costs and Returns Summary. Rick Costin. September, 2002. (Adobe Acrobat (31 pages) format.)

Kentucky Farm Business Management Program: Beef Cow Enterprises 1999 Costs and Returns Summary. Rick Costin. August, 2001. (Adobe Acrobat (33 pages) format.)

Kentucky Farm Business Management Program: Beef Enterprise Survey: 1996-1998. John D. Anderson, Rick Costin, A. Lee Meyer. February, 2000. (Adobe Acrobat (28 pages) format.)

Enterprise Study - Dairy

Economic Management Analysis: Average Kentucky Dairy Farm for Year Ending December 31, 2009. Jerry Pierce. April, 2010. (MS Excel 2003 format.)
It compares income & returns for the KY average and three different sizes of dairy.

Kentucky Farm Business Management Program: 2008 Dairy Enterprise Analysis-Summary. Curtis Mahnken. December, 2009. (Adobe Acrobat format.)
Because of this increased volatility in the milk price (as well as the current dairy economy) it is vital for the producer to keep good records to improve the operation. The results of the enterprise study follow and examine the links between management returns and other variables.

Kentucky Farm Business Management Program: 2008 Dairy Enterprise Analysis. Curtis Mahnken. December, 2009. (Adobe Acrobat format.)
The data for this study are drawn from the detailed financial and production records of producers cooperating with the Kentucky Farm Business Management program. The data are not drawn from a random sample of farms in the state. However, these data are the most accurate and detailed farm financial information available and represent the closest approximation to “real world” farm financial data that are available to researchers and educators. Every attempt has been made to select farms for these research studies that are “typical” and have complete financial information available for analysis. These data are carefully cross-checked by our farm management specialists before inclusion in this analysis. It should be noted that farms included in this study are representative of commercial farms producing major commodities and livestock, but not of all farms in Kentucky.

Kentucky Farm Business Management Program: Dairy Cow Enterprise - 2003 Costs and Returns Summary. Colby Blair and Craig Givson. August, 2004. (Adobe Acrobat format.)
In 1979, the Kentucky Agricultural Experiment Station initiated a study to determine how well Kentucky dairy farmers compete with other dairy farmers in this region. Physical and financial records of dairy enterprises on farms in the Kentucky Farm Business Management (KFBM) program for 1979 through 2003 have been collected and analyzed. This report focuses on the 2003 results of 30 dairy enterprise records, and compares these to findings for the past several years so that changes during this period can be examined.

Kentucky Farm Business Management Program: 2001 Dairy Enterprise Analysis. Colby A. Blair. January, 2003. (Adobe Acrobat (36 pages) format.)

Kentucky Farm Business Management Program: 2000 Dairy Enterprise Analysis. Colby A. Blair, Darwin V. Foley and Jack McAllister. October, 2001. (Adobe Acrobat (36 pages) format.)

Kentucky Farm Business Management Program: 1999 Dairy Enterprise Analysis. Colby A. Blair, Jack McAllister and Rush H. Midkiff. January, 2001. (Adobe Acrobat (38 pages) format.)

Kentucky Farm Business Management Program: 1998 Dairy Enterprise Analysis. Rush Midkiff, Darwin Foley, Bart Peters and Craig Infanger. February, 2000. (Adobe Acrobat (19 pages) format.)

Enterprise Study - Hog

Kentucky Farm Business Management Program: Hog Enterprises 2005 Costs and Returns Summary. Craig Gibson, Rush Midkiff, Suzy Martin. October, 2006. (Adobe Acrobat format.)
The data for this study are drawn from the detailed financial records of producers cooperating with the Kentucky Farm Business Management Program. The data are not drawn from a random sample of farms in the state.

Kentucky Farm Business Management Program: Farrow-to-Finish Hog Enterprise -- 2003 Costs and Returns Summary. Ross M. Key, Craig D. Gibson, and Jennifer L. Rogers. July, 2004. (Adobe Acrobat format.)

Kentucky Farm Business Management Program: 2000 Hog Enterprise Summary. Suzy Martin, Rick Costin and Richard Coffey. August, 2002. (Adobe Acrobat (25 pages) format.)

Kentucky Farm Business Management Program: 1999 Hog Enterprise Summary. Rick Costin, Gregg Ibendahl and Richard Coffey. March, 2001. (Adobe Acrobat (24 pages) format.)

Kentucky Farm Business Management Program: 1990-98 Hog Enterprise Summary. Gregg Ibendahl, Rick Costin, Richard Coffey and Ron Fleming. February, 2000. (Adobe Acrobat (43 pages) format.)

Enterprise Study - Hog and Cattle

Kentucky Farm Business Management Program: 2001 Hog and Cattle Enterprise Summaries`. Craig Gibson, Suzy Martin and Rick Costin. November, 2002. (Adobe Acrobat (21 pages) format.)

Management

Farm Size and Returns. Bart Peters. November, 2010. (Adobe Acrobat format.)
Handouts from a Powerpoint presentation given at the Pennyroyal Farm Analysis Annual Meeting in November 2010. Topics include farm size, profit, net income, crop returns per acre, management returns, hi and lo returns, and land values.

KFBM Tax Update. Rush Midkiff. November, 2010. (Adobe Acrobat format.)
Handouts from a Powerpoint presentation given at the Pennyroyal Farm Analysis Annual Meeting in November 2010. Topics include the "Creating Small Business Jobs Act of 2010", I.R.C. 168(k), Section 179, health insurance, making work pay credit, education expenses and credits, and "Restore Employment Act (HIRE).

Pennyroyal Farm Analysis Group: Acre Program. Evan Conrad, Bart Peters and Cory G. Walters. August, 2009. (Adobe Acrobat format.)
The optional Average Crop Revenue Election (ACRE) program offers producers revenue protection (price multiplied by yield) as an alterna-tive to only price protection from the counter-cyclical program. ACRE protects producers from declines in state yields and/or national price. The purpose of this newsletter is to pro-vide knowledge to potential ACRE participants how the program works.

Are Farm Business Profit Margins Enough?. Craig Gibson. November, 2005. (Adobe Acrobat format.)

Decision Aids

Corn Production after Sod Planning Budget and Guide for 2007. Greg Halich, Chad Lee, Kenny Burdine, J.D. Green, and Ric Bessin. April, 2007. (Adobe Acrobat format.)
High grain prices in 2007 are providing new opportunities for Kentucky farmers. One of these opportunities is the production of corn on ground that has primarily been used for hay or pasture. This publication is designed to help these producers evaluate if planting corn on sod ground would prove profitable in 2007.

Other

Brochure

Kentucky Farm Business Management Program (Brochure). Suzy Martin and Jennifer Rogers. 2007. (Adobe Acrobat (2 pages) format.)

Outlook

Grain Market Update. Cory Walters. November, 2010. (Adobe Acrobat format.)
Handouts from a Powerpoint presentation given at the Pennyroyal Farm Analysis Annual Meeting in November 2010. Looks at grain market and outlook.

Where Will 2006 Lead Us?. Craig Gibson. November, 2005. (Adobe Acrobat format.)

Preliminary Reports

Economic Management Analysis: KFBM Cooperators - 2009 Preliminary Analysis. Jerry Pierce. May, 2010. (Adobe Acrobat format.)
Table summarizing costs and returns of the KFBM cooperators by Farm Analysis Group.

Economic Management Analysis: KFBM Cooperators - 2009 Preliminary Analysis: Totals. Jerry Pierce. May, 2010. (Adobe Acrobat format.)
Table showing the total cost and returns for KFBM Cooperators.

Comparing Preliminary Analysis. Jerry Pierce. May, 2010. (Adobe Acrobat format.)
Based on the preliminary analysis of 143 farms participating in the Kentucky Farm business Management program, the average Kentucky grain farm exerienced another year in profitability.

Dairy

Economic Management Analysis: Average Kentucky Dairy Farm (2009). Jerry Pierce. May, 2010. (Adobe Acrobat format.)
Table showing the average Kentucky dairy farm costs and returns. Comparison is by herd size.

Observations of Kentucky Dairies: Based on 2009 Preliminary Data from KFBM Participating Farms. Jerry Pierce. April, 2010. (Adobe Acrobat format.)
Dairy Comparisons gives some observations on each size dairy. The mid-size group increased NFI. The other two groups made adjustments but lost income form 2008.

Dairy Herd Analysis Report KFBM Cooperators 2009 Preliminary Analysis. Jerry Pierce. April, 2010. (Adobe Acrobat format.)
Instructions for the Dairy Comparisons Spreadsheet.

Dairy Herd Analysis Report: 2009 Preliminary Analysis. Jerry Pierce. April, 2010. (MS Excel 2003 format.)
This spreadsheet gives some observations on each size dairy. The mid-size group increased NFI. The other two groups made adjustments but lost income form 2008.


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