Spring 2019 KFMA Newsletter (Web Version)
Welcome to the Kansas Farm Management Association (KFMA) E-Newsletter! The KFMA E-Newsletter is sent quarterly throughout the year to update KFMA members and others interested in KFMA work on new research being conducted, new publications available, Economist spotlights, upcoming events, and much more!
The newsletter is free to subscribe to. To subscribe, click here or contact Mary Huninghake at firstname.lastname@example.org or 785-532-1506 to get on the list. Questions or feedback can be directed to Anthony Ruiz, KFMA Professional Development Officer, at email@example.com; or Kevin Herbel, KFMA Executive Director, at firstname.lastname@example.org.
Kevin Herbel- KFMA Administrator
Decreasing market prices, shifting trade agreements and trade disputes, weather extremes resulting in crops devastated by drought or hail to record fall harvest on some farms. Each of these factors, and many others, influenced the agriculture sector in Kansas during 2018. The result for KFMA member farms was an average net farm income of $100,000 for year. This represents the third year of increasing net farm income since 2015 when KFMA farms saw the lowest net income recorded in 30 years (1985). The income level shown in the 2018 KFMA summary can, however, be somewhat deceiving, with total government payments and net crop insurance comprising a large percentage (63%) of the income as we continue in a period of tight margins and cash flow constraints into 2019. The total of all government payments received by KFMA farms were nearly 55% of net farm income. This includes traditional farm program payments, livestock payments, conservation payments and payments resulting from the Market Facilitation Program (MFP). MFP was put in place to help producers impacted by retaliatory tariffs and loss of export markets. These MFP payments comprised an estimated 37% of the net income for the average farm in 2018.
As occurs each year, there is much variability between farms – differences in production (from record yields to drought or hail), differences in financial position and cost structure, differences in decision making and management of risk. During 2018, the top 25% of KFMA farms generated a 5.81% return on equity while the bottom 25% recorded a negative return on equity of 7.25%. The share of farms showing a negative net income decreased from 31% in 2017 to 21% in 2018. With this said, slightly over 7% have shown a negative net income for the last three years in a row.
As we continue through 2019, the comfort level for many producers is not very high. It is important for each farm manager to know your financial position, understand your cost structure and available resources, and look to make needed adjustments. KFMA summary information is available to allow benchmarking and comparisons with your data. This summary information represents averages for each region of Kansas, for a number of farm types and for the state. There is much variability from farm to farm within those averages. Having a solid set of records, and benchmarking with those records to identify strengths and weaknesses, is essential to help an agricultural producer focus their management efforts. A good set of records will help identify production costs, can provide a starting point for market planning, and can help a farm manager understand your farm business better than anyone else. Your investment of time into this process is important as you seek to manage today’s economic environment successfully.
More detailed information, including information by enterprise, is posted on the KFMA web site www.AgManager.info/KFMA. Let us know if you have any comments or questions.
Ashley Poston and Devyn Huggins - Southeast KFMA Economists,
With the insight of Jim and Barbara Stockebrand and John and Haley Pringle, who make up Sandstone Farms, LLC
Farm financial records have obvious importance during the late and early months of the year. Quality tax planning requires detailed, accurate record-keeping to ensure the year ends up without surprises. Records also play an obvious role in the work a producer and their advisors leading up to the completion of a tax return. However, good recordkeeping for completion of an analysis is also a critical component to an operation’s short- and long-term success. Being able to make sound operational decisions often hinges upon available data and historical financial and production records. An interview was conducted with a SE KFMA operation that places a very high standard on their operational records and finds great value in having multiple types of analysis data for review at any given point throughout the year.
- What value do you place on keeping detailed/up-to-date records?
“Sandstone Farms places a high value in keeping accurate and detailed records. These include financial, inventory, cattle performance, and field-level records. While we think we do a good job of keeping accurate and up-to-date records, we realize record keeping is always a work-in-progress, so we are continually working to make sure the information we keep is both useful and accessible to all who want to utilize it. We also continue to evaluate adding additional records we think we might need in the future.
We don’t like surprises and want to know where we stand in all areas at all times. If a major purchase needs to be made or an expansion opportunity presents itself, having the up-to-date numbers allows quicker movement on the opportunity. Last minute homework is not necessary to be in a position to move. The numbers are ready and waiting.
Evaluations of different enterprise activities are easier and more quickly reviewed when the numbers are already there. Having the records up-to-date allows for more frequent reviews and errors and trends are also identified earlier.
Lenders and suppliers have quickly learned they can trust our reports and numbers we generate, and we are able to create those quickly which ultimately strengthens our relationship with the lenders/suppliers.”
- Who started keeping the records, and who saw that value in keeping records in the beginning?
“Sandstone Farms, LLC was formed in 2016 when the Jim and Barbara Stockebrand farm partnered with the John and Haley Pringle farm. Prior to the new entity, both farms found good record keeping to be an essential part of each operation. Both operations, having kept good records, allowed for an easier transition into the partnership. Since the creation of Sandstone Farms, record keeping has been further improved by splitting the responsibilities between more people and adding more layers to the record-keeping system. “
- Do you believe that having records helps with decisions either daily or larger scale?
“Absolutely! While the numbers will pretty much speak for themselves, extenuating circumstances can be taken into account more easily. Some practices don’t change much from year to year so the ability to compare previous operation practices to current, and onto future planning, is very important to us. Good recordkeeping can make that a simpler process. If we want to make major changes in an enterprise, we’re more prepared to compare the numbers and create what-if scenarios.”
- When you are required to make a sudden decision, do you believe that having those numbers already prepared helps make a better decision?
“The up-front time required to keep good records is often hard to manage, especially during the busy parts of the year. However, the ability to retrieve that information quickly when it is needed gives a high level of confidence the right decision is being made in a timely manner. A cash flow report can be generated about any time by pulling numbers from our recordkeeping system. A Balance Sheet or Financial Statement can be ready to go with little effort when a major replacement or an expansion opportunity presents itself.
An up-to-date and complete (we’re still working on this) record system allows for timely and confident use of numbers to make operational decisions both large and small.”
As the interview with Sandstone Farms LLC shows, high quality records provide value in numerous ways. KFMA economists work with producers throughout the year to ensure that data and records are the best quality possible. Accurate and timely maintenance of valued records is often a critical component of an operation’s long-term success.
Scott Laird and Jordan Dye - Southeast KFMA Economists
Spring is the perfect time to reflect on the prior year and look forward to making changes as we go into the new year. It may be changes in your farming operation, personal finances, or even lifestyle changes. As an Economist we get to interact with several diverse farms daily and it is common that many farms create budgets for each crop and/or livestock enterprise, so they know where they need to be to make a profit. This is an excellent business practice, however, many of them do not think about creating a budget for their personal family living expenses and it can be eye opening for them to see how they spend their money.
From the economist’s point of view, we can focus so much on analyzing the farm business side of income and expenses that we forget the importance of family living expenses. Family living costs, at least at some level, are a necessity after all. One of the tricky aspects for a farm family is that family living expenses are not deductible. While this may seem obvious, it must always be kept in mind because it means that the net income from the farm business (coupled with non-farm income if that is available) must cover all the family living expenses. Although this is true for all families, it is particularly problematic for farm families because they must deal with the variability of farm income.
This challenge of decreasing net farm income is exactly what many families are facing now. After several years of relatively high incomes, the past 3 years have resulted in diminishing incomes. When analyzing KFMA members and their family living expenses in response to income, Ibendahl (2016) showed that the highest correlation was to a 4-year rolling average. This implies that farmers consider the past 4 years of farm income when making major changes to family living expenses. Reid (2018), in a recent review of a subset of KFMA members, noted that total family living expenses peaked in 2013 and 2014 when net farm incomes were high and have decreased since then. Taken together these studies indicate that, while there may be some time lag in response, farmers will adjust their family living expenses in accordance with income levels, at least to the extent that they can control the expenses.
This is the concern of the individual farm family because, when creating a budget for any project, there are costs you have some control over and costs that you cannot control. Every family will spend money on food, for example. You will typically, however, budget less for food if you go to the grocery store and cook most of your meals at home verses eating out at a restaurant for most of your meals. The same goes for other categories in your family living expenses such as, recreational expenses, clothing, and gifts. Then there are expenses that you don’t have much control over such as health insurance and medical cost. And in recent years there has been a significant increase in health care costs.
Reid (2018) shows that in the past 10 years the health insurance cost for Kansas Farm Management Farm members has nearly doubled for both couples and families. In 2004 the average cost of health insurance was $7,084; for that same group of farms in 2017 their health insurance cost was $13,794. This translates to a 94.7% increase in 10 years. Perhaps surprisingly, over that same time period, other medical costs have tended to be lower for couples and remained mostly steady for families. Another way to reflect the recent surge of health insurance costs is to note that in 2008 health insurance made up 13.8% of total family living cost but by 2017 it comprised 20.8% of the total. This means that the increase in health insurance made up over 50% of the total increase in family living costs over these 10 years. In those same 10 years there was not nearly that large of an increase in any other expense category.
Getting a handle on family living expenses is never easy but there are a few things that should be considered. Some initial suggestions according to Vandeveer (2016) and Bechman are:
- Review your recordkeeping. Good records can show how much is really spent on various categories. It will also give you a better way the identify which expenses can change and how much change might be reasonable.
- Set goals and establish a budget for household items. Change does not come automatically. Consciously determine where you will, and won’t, spend money and stick to the plan.
- Establish separate accounts for household and business items. This will allow for easier monitoring of household expenses. Money can be transferred from the business to the family account according to your budget needs. It might also be beneficial to have a separate savings account designated for future living expenses. Setting money aside can help prevent unnecessary spending and insure that money is available when truly needed.
- Consider categories over which you have the most control and try to reduce spending. Household operations, recreation, gifts and food may be some of the most likely candidates.
- Research health insurance options. Given the recent increase in these costs, different alternatives might now be considered. A “high deductible” plan, possibly coupled with a Health Saving Account could work for certain families. Health care cost-sharing plans are gaining in popularity as well. While not actually insurance, participants pay a monthly share into a pool and draw from the pool to pay medical bills when they arise. Even short-term plans which can renew for a year are entering the market. Though somewhat limited, this can be an option for people who are in good health but don’t qualify for government subsidies (Jorgensen 2018).
Managing farm business finances means monitoring family living expenses as well. As you review your farm budgets this year include family living considerations. This process may not be fun or easy, but it can be critically important to the overall success of your farm business.
Dillon Rapp - Southeast KFMA Economist
As renewable energy systems are becoming increasingly common, many farm operators are exploring the benefits that these systems can offer. Solar energy systems are a long-term investment that can be used to reduce energy costs over time. In addition, federal tax credits are currently available to help reduce the cost of solar energy systems, leading to a shorter, more attractive payback period. For tax years 2018 and 2019, a tax credit for both residential and commercial solar energy systems is available in the amount of 30%. The amount of the credit decreases to 26% in 2020, and 22% in 2021. Starting in 2022, a permanent 10% credit for commercial solar systems remains in place while the credit for residential use expires. Tax credits are almost always more advantageous compared to deductions in reducing tax liability. A tax credit is a dollar-for-dollar reduction of tax liability while deductions reduce taxable income, which gets multiplied by your marginal tax rate, resulting in only a percentage reduction of tax liability.
In farm settings, a personal residence can often be joined on the same electric meter as barns, shops, grain bins, and other farm structures. Because personal residences are not considered business use and cannot be depreciated, it is best to proportion the cost of the solar system between personal and business usage, perhaps using square footage or energy usage. The portion considered business use is eligible for depreciation as 5-year property, but the depreciable basis must be reduced by one-half the credit amount. So, if a solar system is placed into service in 2018 or 2019 with the credit amount at 30%, the depreciable basis would be 85% of the cost considered business use [100% – (1/2*30%)].
Consider an example where a solar energy system costs $50,000. You and your tax preparer agree that 75% of the system is considered farm business use while the remaining 25% is considered personal use due to a personal residence being included within the system. 25% of the cost ($12,500) is eligible for the 30% residential energy credit on IRS Form 5695. This results in a tax credit of $3,750 to be claimed on the tax return for the year the system is put into service. The remaining $37,500 considered business use is also eligible for a 30% tax credit in the year the system is placed into service. In this example, the business credit would be calculated to be $11,250 on IRS Form 3468, which then flows to Form 3800 to be combined with other business credits before being reported on Form 1040. $15,000 total of federal tax credits would be available to offset tax liability in the year installed ($3,750+$11,250). These credits are not refundable, but the excess can be carried to future years and used to offset tax liability as long as the credit continues to be available. While the credit percentages are equal between the personal and business sectors through 2021, the business vs. personal use identification is important for depreciation purposes. In this example, 85% of the $37,500, or $31,875, is able to be depreciated alongside other farm machinery and equipment. It is considered a 5-year asset and is eligible for accelerated depreciation (§179 or bonus depreciation).
The question remains, are solar energy systems a good investment? Like most economic considerations, the answer is dependent upon a number of variables. For farm operations that are continuously purchasing machinery and equipment to reduce their tax liability, the combination of energy savings, tax credits, and depreciation may offer an attractive alternative to upgrading a tractor or combine. Farms able to pay cash for a solar energy system also see a quicker return on their investment compared to those that finance their purchase. For a $50,000 solar investment financed over 10 years, 5% interest would be roughly $13-15,000, almost completely offsetting the 30% tax credit. This would leave nearly the entire $50,000 cost of the system to be made up over time in the amount of energy savings, resulting in a much longer payback period.
Finally, a few additional considerations should be addressed before making the decision to install a solar system. In calculating how large of a system to install, it is best to check with your electric company to see how excess electricity generated is treated. Some utility companies will allow the excess generated to be credited toward future months while others will not allow you to carry any excess after your bill is reduced past $0. In addition, it is important to note that the tax credits are only available on your federal tax return and do not affect state income tax, so if these credits are being heavily relied upon for federal tax planning, beware of a potentially large state tax bill.
This KFMA Ag Economist Spotlight feature comes to you straight from the Flint Hills in our Council Grove office. Chelsea Fullerton serves members in the southwestern portion of the North East Association. She has been making a positive impact and helping members in her current role for two years. Her favorite portions of being an Ag Economist are working with producers, using her strengths in economics, finance, and business, and helping provide assistance to members who may not have the time or expertise to analyze their operations and determine profitable management practices.
Chelsea grew up in Rosalia, Kansas. Some of her favorite memories living in Butler County were raising and showing Percheron draft horses with her family, track and field events, and playing outdoors. Chelsea competed in cross country, 1,600-meter, 3,200 meter, and 4x800 meter relay in high school. She earned a spot on the Ottawa University cross country and track teams competing in the 5,000 and 10,000-meter events while studying Business Economics and Accounting on academic scholarship. Her Business and Economics classes at OU fueled a passion for case studies and analyzing numbers to solve problems. After graduating OU, Chelsea studied Agricultural Economics at Purdue University in Indiana. Her thesis work focused on studying multigenerational farms and how they functioned. She says seeing the way they made decisions and farmed in the corn belt was a very insightful experience that helps her to this day.
Family and running are still key elements in Chelsea’s life. This spring she competed in the Boston Marathon. Chelsea and husband, Logan, were married in December. Logan is a Law Enforcement Officer and longtime friend from church. Chelsea’s mother and father reside in the greater Flint Hills area, while her two brothers and their families live in El Dorado, Kansas and Little Rock, Arkansas. One of her favorite titles is “Aunt” to two little nephews. Copper and Sif, Logan’s cats rescued on the job, are already fast friends.
Chelsea is a great example of KFMA Ag Economists who enjoy their work, serving members, and bringing solutions to the table. Her drive and determination are on display meeting clients, crunching numbers, and running marathons. We are glad to have her on the Kansas Farm Management Association team. Next time you see her say hello, congratulate her on the wedding vows, and encourage her as she trains for another marathon.
Clay Simons, Executive Economist for the South Central Association, is in the Spotlight this quarter. This year marks the 14th year he has been on the KFMA roster. Before accepting the role as Executive Economist for South Central Association, Clay was an Ag Economist in the Northeast Association’s Council Grove office; being only one of four Ag Economists to hold the distinction of having served in two associations. Clay says even through different soils and rainfall amounts, there are great producers in both associations who do a terrific job of managing the resources at their disposal.
Despite having an indirect path to his current role, Clay has found a home in Lincolnville, Kansas and with KFMA. Clay grew up in Happy, Texas. Yes, Happy, Texas: the town without a frown! He studied Animal Science at Texas A &M University and moved to Kansas after graduation to serve as a grain merchandiser. Clay went on to bring K-State’s resources to the masses by working as an Agricultural Extension Agent in Meade and Ford counties. Following this Clay worked in K-State’s Department of Agricultural Economics as an Extension Assistant under Dr. Barry Flinchbaugh. During this time, he administered many well-known extension programs such as M.A.S.T., risk management clubs, and extensive policy work, all while taking graduate coursework. After this period Clay accepted the role of Ag Economist in the Northeast Association where he served for 12 years.
Clay and his wife, Sharon, have raised three wonderful children. Carlye, the oldest, is a K-State Food Science graduate working in viticulture in Oregon. Cacey, a twin, works for the Girl Scouts in Wichita, and Ty, her fraternal brother, is finishing up at Emporia State University and looking to enroll in Physical Therapy school next fall. When not working Clay can be found cooking and updating his home. Recently, he has added new walls, redone cabinetry, and is working on the kitchen. As a lifelong learner, Clay is grateful for YouTube and all the good building tips he has gleaned there. He also enjoys a good book, especially on history and World War II, and good music, something with good songwriting or big band and western swing.
Perhaps what Clay enjoys most of all in his role with KFMA is making a positive difference for his members by providing information and tools to make better decisions, fully consider options, and reflect on possible consequences. Clay readily admits on some days he learns as much from his members as they learn from him. A lesson obtained from savvy producers is one size doesn’t fit all; good managers make the most of what they can control, while other good managers are successful with very different resources.
Clay led the South Central Association through a relocation to a new office in Hutchinson. If you have not seen it yet, stop by sometime and visit with the friendly folks there. When you get the chance stop in, say hello to Clay and ask him about the last good book he read or how the house update is coming along. Great team members like Clay make KFMA the organization what it is today. We are glad to have him and look forward to a bright future with him leading the charge in South Central Kansas.
The following research articles can be found on the KFMA webpage (www.AgManager.info/kfma/research-articles) or look under “KFMA Research”. Each newsletter will feature new publications that are available.
How Quickly Do Farmers Adopt Technology?
Terry Griffin – K-State Agricultural Economics and Elizabeth Yeager – K-State Agricultural Economics
Farm-level adoption of agricultural technologies remain a persistent issue among researchers and practitioners in terms of understanding the rate at which technologies are adopted, order in which adoption occurs, and the benefits the technology provides. Many precision technologies have been available since the early 1990s, yet adoption has not plateaued even after nearly three decades. Adoption of technology has been associated with perceived profitability from farm-level utilization. The benefits of precision agriculture have been said to be ‘site-specific’. Given that the economics of technology are a function of the specific grower’s fields and their management ability, profitability assessments of specific technologies have been elusive.
Top Farms and the Effect of Machinery Expenses
Gregg Ibendahl – K-State Agricultural Economics and Terry Griffin – K-State Agricultural Economics
The purpose of this paper is to evaluate machinery expenses per acre to see if that might be a factor in explain why some farms are consistently more profitable than other farms. These costs could be offset if any machinery custom work was performed. This is the latest in a series of eight articles Gregg and Terry have completed analyzing KFMA data. Check them out at AgManager.Info under the “Contributors” tab.
Monthly Cash Flow for Operating Loan Determination
Robin Reid – K-State Agricultural Economics, Kevin Herbel and Mark Dikeman – Kansas Farm Management Association
Managing the financial side of a farm business is critical to success, especially in today’s environment of market volatility. Evaluating the growth and progress over time, as indicated by financial ratios, can give insight into the strengths and weaknesses of the operation. Benchmarking against similar farms can also help managers assess their current financial position and shape future goals. The “KSU-Farm Financial Benchmarking Tool” was created by Robin Reid, Kevin Herbel and Mark Dikeman to help producers gauge where they are and plan accordingly.
Summary of Health Care Costs on Kansas Farm Management Association Farms 2008-2017
Robin Reid – K-State Agricultural Economics and Allen Featherstone – K-State Agricultural Economics
Robin Reid and Dr. Featherstone team up to address one of the most discussed issues facing farm families. Health insurance costs have been on the rise for several years and are frequently named by farmers as becoming a burden to their families and operations as agricultural incomes have declined due to low commodity prices, paying higher health insurance premiums becomes difficult for many farm families.
Agriculture Today Interviews with Eric Atkinson
SPECIAL IN-DEPTH: Kansas Net Farm Income Report
Kevin Herbel, Jordan Steele, Lindsay Bryant, Trenton Hargrave, Clay Simons, Craig Althauser, and Dillon Rapp – KFMA and Eric Atkinson – K-State Agriculture Today
KFMA staff share the results of their 2018 Kansas Net Farm Income reports and provide insights to 2018’s data.
Maintaining a Consistent Farm Income
Beth Yeager – K-State Agricultural Economics and Eric Atkinson – K-State Agriculture Today
K-State agricultural economists Beth Yeager is interviewed by K-State Today’s Eric Atkinson and discusses her new study of the persistence of farm financial performance using KFMA data. She looked at the stability of individual farm income over a five-year span and the factors that allowed farms to consistently remain profitable over time.
Boosting Cow-Calf Profitability
Dustin Pendell – K-State Agricultural Economics and Eric Atkinson – K-State Agriculture Today
K-State livestock economist Dustin Pendell talks with Eric Atkinson in the studio about his new analysis of cow-calf profitability, based on Kansas Farm Management Association records. It shows that the gross income generated by the herd and cost management are equally important to that profitability, which is something of a new revelation.
Cash Flow Plans
Robin Reid – K-State Agricultural Economics and Eric Atkinson – K-State Agriculture Today
K-State agricultural economist Robin Reid talks about developing a cash flow plan for the farm or ranch for this year...she says it is essential for producers to routinely stay on top of that cash flow as profit margins remain thin, and she talks about making adjustments accordingly.
KFMA Data in Action Elsewhere
Cow/Calf Profitability – BCI Cattle Chat
Members of the K-State School of Veterinary Medicine Beef Cattle Institute, BCI, discuss cow/calf profitability and KFMA data. KFMA data routinely gets discussed on this new and outstanding podcast from the BCI.
Financial Conditions Moderate for Cow-Calf Production
David A. Widmar – Agricultural Economic Insights
In recent years cow-calf producers have faced declining revenues and slow-to-adjust production expense. This post is a look at finacnial conditions for cow-calf production.
Cowherds Keep Getting Bigger
Nevil Speer – Beef Magazine
Using financial and production figures from KFMA, the author dives in to gain insight into trends affecting producers.
A note about KFMA cow-calf data…
Kevin Herbel and Anthony N. Ruiz – Kansas Farm Management Association
You may have noticed several preceding articles using KFMA cow-calf data published in well-respected state and national agricultural publications or periodicals. KFMA data is regarded across the industry as one of the best sources of farm-level production and economic data. This would not be possible without the excellent efforts of you, the members, and our outstanding team of Agricultural Economists across the state. Thank you for the great work!
Striving for constant improvement, KFMA members and Ag Economists have sought to enhance the data we collect to answer the questions producers, researchers, and educators seek to know for better, more efficient cow-calf production and management. The result is a one-page “KFMA Cow-Calf Management Survey” created by our team this year.
A special thanks to the KFMA members, Ag Economists and staff, and Oklahoma State University Extension Agricultural Economics professionals who shared their previous tools and insights that allowed us to springboard development of the data collection tool that is in use now. We are excited about the potential it offers. Contact your KFMA Ag Economists to find out more about the survey and how you can be a part of the best farm-level data set in the country!
August 22-23, 2019: Risk and Profit Conference, K-State Alumni Center, Manhattan
September 13, 2019: K-State University/Washburn University School of Law Agribusiness Symposium, Hutchinson Community College, Hutchinson
October 8 & 9, 2019: K-State Agricultural Lenders Conference, Garden City & Manhattan
For more information about these and other events, visit http://www.agmanager.info/events/ or contact Rich Llewelyn at email@example.com or 785.532.1504. Other events hosted by the Department of Agricultural Economics can be found at http://www.ageconomics.k-state.edu/events/index.html.
Kansas Farm Management Association
308 Waters Hall, 1603 Old Claflin Place
Kansas State University
Manhattan, KS 66506-4026
Kevin Herbel, Executive Director
firstname.lastname@example.org | 785-532-8706
Mark Dikeman, Associate Director
email@example.com | 785-539-0373
Anthony Ruiz, Professional Development Officer
firstname.lastname@example.org | 785-539-0373
Vision: The Kansas Farm Management Association (KFMA), through its affiliation with K-State Research and Extension, will be the valued and trusted provider of integrated data management systems to apply critical thinking and strategic business planning for farm and ranch decision makers; and will be the premier source of farm-level economic data in the world.
Kansas State University Agricultural Experiment Station and Cooperative Extension Service K-State Research and Extension is an equal opportunity provider and employer. Issued in furtherance of Cooperative Extension Work, Acts of May 8 and June 30, 1914, as amended. Kansas State University, County Extension Councils, Extension Districts, and United States Department of Agricultue Cooperating, Ernie Minton, Interim Director.