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July 27, 2012
Macro and Global Economic Perspectives
2
1. Positive net farm income growth is the ‘new normal’ … Issue #1
Today’s net farm income is the ‘new normal’
U.S … normal’
U.S. Net Cash
Farm Income ($ billion)
5
0
.
4
5
9
.
3
5
1
.
1 …
August 1, 2017
Breakout Sessions
Soybeans
Net Farm and Ranch Income
$(20,000)
$30,000
$8 … ver T
otal
Cos
ts ($
/ac)
Net Income Per Operator
Dryland Crop
Cowherd
Kansas Wheat Yield
0
10
20
30
40
50
60
2009 … 3,321
10.4% decline from 2015
Land Model Results
Land Model Results
17% decline
Land Model Results
9% decline
Land Model Results
5% decline
$1,776
$1,766
$1,210
$2,530
$2,301
$1,969
$4,353
$3,130
$2,551
2016 Non‐Irrigated Land Values
$1,278
$1,271
$871
$1,821
$1,656
$1,417
$3,133
$2,253
$1,836
2016 Pasture Land Values
$3,786
$2,358
$2,416
‐‐‐
‐‐‐
$5,041
‐‐‐
‐‐‐
‐‐‐
2016 Irrigated Land Values
Long‐Run Growth
Projected Income Per Crop Acre
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$0
$2
$4
$6
$8
$10
$12
$14
2003 …
September 28, 2017
KFMA Research
crisis. Then, as now, net farm income leading up to the farm crisis … 1980’s farm crisis, net farm income was below zero for
many … for
many farms. Net farm income has not approached those …
August 1, 2019
Breakout Sessions
KFMA is approximately 89% funded by member funds, 11% K‐State and other fundsMembers receive assistance in developing a sound accounting system, farm visits, accrual based whole‐farm and enterprise analysis, financial statements and benchmarking, tax management guidance, estate and succession planning assistanceKFMA databank is created for benchmarking, Extension and researchAbility to measure impact, compare year‐to‐year changes, benchmark to assess profitability and efficiency
Kansas Farm Management Association
VisionThe 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.
Core ValuesRelationships, Integrity, Service, Excellence
Kansas Farm Management Association
VisionThe 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.
Core ValuesRelationships, Integrity, Service, Excellence
Kansas Farm Management Association
Kansas Farm Management Association2018 Net Farm Incomes
State Average $100,000MFP=37%
$113,286MFP=26%
$78,929MFP=46 …
August 1, 2021
Breakout Sessions
Economics
Cautions with income estimates
A lot can happen … 2021 and 2022?
Net Farm Income2019 2020 2021(p) Est 2022NFI … 41% 24% ‐54%
Net Farm Income2019 2020 2021(p) Est 2022NFI …
September 3, 2025
One Big Beautiful Bill Act (OB3), Ag Law Issues
food-purchasing assistance to low-income individuals and
families … goal of
SNAP is to help low-income households buy the food they … is based on a household's income, expenses, and size. The …
August 23, 2018
came off a run of very good incomes
Farmers with higher crop …
October 1, 2018
2018 Ag Lenders Conference Presentations
What has been happening to KFMA net farm income• What about interest rates
10/13/2018 … 180,000
Year
Actual Net Farm Income
3 yr ave NFI
Ave NFI
Median … 600,000
Year
Real Net Farm Income - by Quintile Group
1
2
3
4
5
197
4
197
6
197
8
198
0
198
2
198
4
198
6
198
8
199
0
199
2
199
4
199
6
199
8
200
0
200
2
200
4
200
6
200
8
201
0
201
2
201
4
201
6 …
Breakout Sessions
incomeThe Fed generates its own income
– Service income
Interestincome– Interest income
• Loans and U.S. Treasury securities
• …
August 1, 2017
Breakout Sessions
participation based on Adj. Gross Income
$250,000 (AFFIRM Act … Administration.
Adjusted Gross Income Caps
Adjusted GrossIncome Cap
Impact on Kansas … sales.
Adjusted Gross Income Cap ($250k)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45 …