KY sets new record for farm income
Source: USDA NASS
Louisville, KY - Kentucky’s 2022 agricultural cash receipts totaled $8.3 billion, up from $6.9 billion in 2021 and a new record high. The value of livestock cash receipts totaled $4.47 billion, up 26% from the previous year. Crop cash receipts in 2022 were $3.84 billion, up 14% from 2021. Kentucky ranks 24th nationally for all cash receipts.
Corn leads cash receipts in Kentucky for the second straight year, with a 2022 value of $1.45 billion, up 14% from the previous year. Broilers moved up to the second position with cash receipts totaling $1.43 billion, up 39% from 2021. Soybeans ranked third with a total of $1.39 billion, up from $1.15 billion the previous year. Equine, stud fees, sheep, goats, and other livestock totaled $1.2 billion, up 10% from 2021. Cattle rounds out the top 5 with a value of $1.1 billion, an increase of 25% from the previous year.
Rounding out the top 10 commodities are hay, eggs, tobacco, milk, and wheat, in that order. Cash receipts values for each of these commodities increased from 2021. Eggs had the largest increase, just over $110 million from the previous year. Cash receipts from these 5 commodities account for 16% of the total. The top 10 commodities total almost $7.9 billion in cash receipts.
There are several record highs and at least one first for 2022. In addition to total cash receipts, corn, soybeans, broilers, cattle, and other livestock all reached record highs in 2022. And for the first time the top 5 commodities all exceeded $1 billion in cash receipts. Collectively, the top ten commodities total almost $7.9 billion and accounted for 95% of all cash receipts.