Ag producers, agents and economists convened at the Lyon County Fairgrounds Anderson Building Thursday night to gain insight into trends and the current standing of the ag economy.
The Kansas Farm Management Association held its Northeast Summary meeting in Emporia and focused primarily on data from 2018. Farm Management Association economist Chelsea Plummer presented the overall data to those in attendance. According to Plummer, there are numerous areas economists such as herself monitor throughout the year.
According to the presentation, the state average net farm income (NFI) rose slightly from $62,944 in 2017 to $100,000 in 2018. Unfortunately, yields did not fair as well as the majority dropped from the previous year including corn which came down from to 137.5 to 100.51.
Plummer says it has been a rough few years for the ag economy and explains many feel this may be the worst shape it has been in since the 1980s. According to Plummer, there have been some up’s with the downs however, at this time it is difficult to say when the economy will rebound fully.
Lyon County Extension Ag Agent Brian Rees tells KVOE News while it is impossible to predict the future the information provided by economists, such as Plummer, is extremely crucial to help producers plan ahead.
Rees was also a featured speaker for the meeting with his presentation “What Figures are Important to Your Banker?” According to Rees, there has not been a major expansion of lending avenues for producers in recent years. However, he says there has been a change in the requirements for lenders. He explains the lending process is much more extensive then it was years ago and it is no longer as simple as “going in and having a handshake.”
If you would like more information contact your local ag agent or visit www.agmanager.info/kfma.
