Despite recent uncertainty for Kentucky’s agriculture economy, 2020 may wind up as an average year for farmers.
University of Kentucky Ag Economist Will Snell says the combination of weather related supply issues in other parts of the world, some growth in exports, and government payments had an impact. “Instead of a year when farm income would be declining considerably, we’re looking at the farm income actually higher for 2020,” said Snell.
Economists are projecting 2020 farm cash receipts to be $5.5 billion, equaling 2019 receipts. With how farm finances are ending this year, Snell says that could offer a degree of cautious optimism about 2021.
Snell says the ag industry could be at the table during discussions about future coronavirus related government support in 2021.
Here's more with UK Ag Economist Will Snell:
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