December 2017 KFMA Newsletter (Web Version)
Kevin Herbel- KFMA Administrator
Do you have a plan for your farm’s success? When we enter a time-period like the current economic downturn in agriculture, it can be easy to get caught up in being discouraged or to be frustrated about the environment were in and the struggles we face. A producer may say, “the price level is lower than the cost of production…I can’t be successful.” Do you know the financial position of your operation? Do you know the cost of production of what you produce on your farm or ranch? Do you have individuals around you who can help you assess your financial position and make sound management decisions in the midst of difficult situations? At the foundation of charting a path for success in your farm business is a quality set of records and devoting time to work on the business of your operation rather than just working in, or for, your operation. KFMA Economists Jordan Steele and Mark Wood from KFMA NW, contribute to this quarter’s newsletter. Articles include using your records to estimate a net income goal, critically looking at your income, expense and financial position, and identifying changes you may need to make. Examining a decade of data by quartile in northwest Kansas provides: a good look at how farms have responded to opportunities and difficulties of the last decade; take home points of where we have been, where we are as 2017 comes to a close; and, management considerations as we move to 2018 and the years ahead..
Jordan Steele - Northwest KFMA Economist
How much profit do we need to keep the farm going? There are many factors to consider when approaching a question of this magnitude: how big does the farm need to be, what are the returns to the farm, what debt payments does the farm have, and how much family living is drawn out of the farm? The list goes on. Using KFMA data from Northwest (NW) Kansas, a goal net farm income can be derived that will cover family living and debt payments.
Over the past 67 years of data, the average net farm income percentage is 20%, which mean that every dollar of value generated consists of roughly $0.80 expense and $0.20 profit. It is important to remember that the net farm income reported DOES NOT include a value for operator labor. Therefore, the 20% profit margin goes to pay the operator labor and then to principal payments on debt. For operator labor, the average family living and income taxes for KFMA, NW is a total of $96,297 the past ten years. For a farm to fully support the average family without off-farm income, dividing the average family living by the profit margin yields an average value of farm production of $481,485.
The next step to calculating our “goal” net farm income is to consider debt payments. Once again, the net farm income reported is a value generated before family living and debt payments. The average debt in 2016 for KFMA, NW was $995,132 in a mix of short, intermediate, and long-term loans. To simplify for this article, a simple payment was calculated to pay off the debt in 30 years at 5% interest resulting in an annual payment of $64,375. When added to average family living and taxes of $96,297 the total net farm income needs to be $160,672. At a 20% profit margin, now the value of farm production needs to be $803,360.
However, the current farm economy in NW Kansas does not have a profit margin of 20%. In fact, the KFMA, NW profit margin for the past four years is at a bleak 4%. Family living has been slow to respond to lower farm incomes and remains steady at the $90,000+ mark including taxes. If family living and debt payments are the same as previous years but with a 4% profit margin, the value of farm production needs to be $4,016,800! It is understood that there are limited farms above $4,000,000, but it illustrates the importance of understanding each operation’s family living expenses and debt obligations.
One more factor to consider is non-farm income, which in the last four years averages $36,381; in NW Kansas this is usually oil royalties or leases and W-2 jobs such as a teacher or banker. Assuming this money would get applied to the family living expense, the farm would still need to cover the other $59,916 of family living and taxes. Adding that to debt payments of $64,375 makes the goal net farm income $124,291.
A common question throughout the agriculture industry is how big and/or how profitable must the operation be to bring back another family member? Using the KFMA, NW averages and round numbers the operation needs to generate about $500,000 value of farm production PER family being supported by the farm. Assuming the 20% profit margin would provide $100,000 to each family for family living, taxes, debt payments, and expansion of the operation if profits are reinvested.
To continue the “how big” question, the five-year average total crop acres is 2,899 and the five-year average crop revenue is $557,506. Dividing the crop revenue by the crop acres results in a per acre gross crop revenue of $192.31. If the necessary value of farm production was $803,360, a farmer with only crop income would need to be around 4,177 acres. Using similar calculations for a beef cow calf enterprise, the average net sale gain is $839.05 per cow. With no other income than beef cattle, the operation would need 958 cows. Those are extreme numbers, but they show the importance of keeping detailed records to apply to each farm individually.
Generally, operations will have a mixture of crops, cattle, crop insurance, government payments, machine work, and other income. Over the past five years crop insurance, government payments, patronage, machine work, and miscellaneous income accounts for about 20% of the value of farm production. Back to our $803,360 value of farm production needed to cover family living, income taxes, and debt payments, 20% equals $160,672. Cattle receipts averaged 18% of the total value of farm production for $144,605, and remember the net sale gain per cow was $839.05 so it takes 173 cows to produce $144,605 in revenue. To finish the accrual income for a diversified operation, 62% of the value of farm production, or $498,083, will come from crop revenue. Per acre crop revenue was $192.31; the farm needs 2,590 acres of farm land. The diversified operation is now 173 cows, 2,590 farm acres, crop insurance, government payments, patronage, machine work, and more.
Looking ahead to future years, the agriculture economy is moving sideways in market prices, and producers face a price-taking market so they must control expenses to increase profit margin. On average, farm balance sheets are strong but low commodity prices lead to decreased profitability. In turn this will lead to reduced cash flow and liquidity, and eventually debt levels will increase relative to asset value. Solvency can become a problem if balance sheets have excess debt. Principal payments on debt cannot be overlooked to maintain financial stability. Last, reducing family living will be critical and the need for non-farm income may increase.
Mark Wood - Northwest KFMA Economist
The past ten years have been a roller coaster ride financially for KFMA, Northwest (NW) farms. This short article will highlight the estimated cash flow, net non-farm income (non-farm income minus family living and taxes), and the resulting liquidity drain on Working Capital as a percent of total cash expenses that has been reported by quartile of Net Farm Income in the ProfitLink Analysis from 2004 through 2016. Quartile averages are derived from grouping individual KFMA member data included in the analysis by the Net Farm Income. Individual analysis can move from one quartile to another as their Net Farm Income changes in relation to other farms in a given year. For example, an individual farm analysis could be in the High 25% group in 2012 and due to hail or marketing that same farm could be ranked in the Low 25% in 2013.
First let’s review the estimated net cash flow generated by KFMA, NW farms when displayed by Net Farm Income Quartiles. Estimated cash flow is calculated by starting with Net Farm Income (NFI) plus Non-Farm Income and depreciation (a non-cash expense); then subtract non-farm expenditures and debt payments. Debt payments were estimated by dividing the average current debt by 7 years to pay off and dividing term debt (greater than one-year debt instruments) by 15 years to pay off. Average KFMA, NW Non-Farm Expense (Family Living and Income Taxes) were used for years 2004 through 2013. In years 2014 through 2016 the average Non-Farm Expenses by quartile were used.
Figure 1 shows the High 25% Quartile as red line with two peaks, one in 2004 at $528,997 and a second in 2011 at $1,003,108. This level of net cash flow was the driver for more than tripling of land values in Northwest Kansas and a volume of machinery purchases unseen since the 1970’s. It is important to note that there was only one substantial peak of income realized in 1973 whereas this most recent agricultural boom cycle had four excellent years (2007, 2010, 2011 and 2012…three in a row!) out of six from 2007 through 2012 for the High 25% and High-Mid 25% Quartiles. The bust cycle for all Quartiles of Net Farm Income began in 2013 and continues through 2016. It is possible that the High 25% will experience some improvement in 2017, and the KFMA, NW average should improve a bit over 2016, but the Low 25% and Low-Mid 25% will continue to struggle with negative net cash flow.
Figure 1: Net Cash Flow by Quartile, KFMA NW 2004-2016
It is important to note that the High 25% farms continue to show a positive cash flow of $68,564 in the 2016 analysis, where the High-Mid 25% and Low-Mid 25% are reporting two consecutive years of negative cash flow. The Low 25% has experienced negative cash flow for five of the most recent years of the 13 years displayed, accumulating losses of -$1,169,740. These are the farms experiencing severe financial stress and as we will see later, are not necessarily the smaller farms.
Value of Farm Production (VFP) is a measure of accrual revenue generated for a farm. Those KFMA, NW farms included in the analysis from 2004 through 2016 are summarized by quartile of Net Farm Income and displayed in Figure 2. The dashed line running near the High-Mid 25% is the average for each of the years displayed. The High 25% farms have experienced the steepest nominal decline in VFP from a peak of $2,538,230 in 2011 to $1,247,845 in 2016, a 50% reduction. High-Mid 25% farms have declined the most by percentage, losing 56% from $1,067,974 in 2011 to $460,371 in 2016. The most curious aspect of Figure 2 is the substantial increase in VFP in the Low 25% quartile. Low 25% quartile farms averaged a VFP of $331,962 in 2012, which is only 29% of the KFMA, NW average for that year. Compare 2016, where the Low 25% quartile is reporting VFP of $964,086 which is second only to the High 25% quartile. What is going on? It has been observed over the past three years a steady increase in the number of large operations that shifted from the High 25% to the Low 25% quartile. Anecdotal contributors to this shift is stubborn, storage delayed marketing of crops into consecutively lower price levels as we wind down commodity prices. In other words, no risk management strategy. Also, some of these farms were cattle feeding operations without risk management strategies and the losses in 2014 – 2015 were disastrous.
Figure 2: Value of Farm Production by Quartile, KFMA NW 2004-2016
Total cash farm expenses are displayed by quartile in Figure 3. Note how the High 25% and High-Mid 25% operations have reduced their cash expenses. Cash expenses for High 25% operations climbed to $1,507,900 in 2012 and declined to $944,113 in 2016, a 37% reduction in 5 years. Compare that to the Low 25% quartile. The Low 25% quartile increased from an average total cash expense of $306,832 in 2012 to $1,000,232 in 2013 and continued to increase to $1,038,708 in 2016. Note the shift in 2013 between High 25% operations where total cash expense dropped from $1,507,900 to $1,016,424 with the increase in total cash expense experienced by Low 25% farms. This shift from High 25% to Low 25% quartiles reflects the initial phase of the farm economy bust cycle among KFMA, NW farms. What is very concerning is that these same Low 25% farms continue to spend more on total cash expense through 2016. All other quartiles of farms in KFMA, NW have worked with varying degrees of success at reducing their cash expenses. These Low 25% farms are prime candidates for three consecutive years of debt restructuring. Will the bank examiners allow a fourth year?
Figure 3: Total Cash Expense by Quartile, KFMA NW 2004-2016
How well do KFMA, NW farms manage their finances outside the farm? Net Non-Farm Income is simply non-farm income such as wages, rent, interest and dividends, retirement funds, and other non-farm income sources minus family living, income and social security taxes, and non-farm investments. Net Non-Farm Income is typically a negative value since the non-farm income sources rarely exceed the family living and income taxes. The resulting shortfall is compensated from Net Farm Income in the form of withdraws from the farm account. Historically, KFMA, NW has displayed the Non-Farm income and expenses as an average for the Association. Net Non-Farm Income for 2014 – 2016 is shown by quartile of Net Farm Income in Figure 4. Note that the High 25% farms household increased their draw from Net Farm Income each year from $101,577 in 2014 to $138,925 in 2016, a 37% increase. The concern here is that High 25% farms might be working to reduce their cash farm expense, but they are not as successful at lowering their household expenditures. The same is true of the Low 25% farms. The household draw from Net Farm Income increased from $40,347 in 2014 to $71,440, which is a 77% increase. The High-Mid 25%, Average, and Low-Mid 25% bars in the chart show a decrease in household draws of -55%, -4%, and -55% respectively. These net changes can come from increasing Non-Farm income by taking a job off the farm for additional income or to increase income (add wages) along with reducing the cash outflow for health insurance premiums (employer sponsored health insurance). In many households, health insurance premiums have moved to the largest single category of family living expense, surpassing income and self-employment taxes which has been historically the largest item of non-farm expense.
Figure 4: Net Non-Farm Income by Quartile, KFMA NW 2004-2016
All the aspects of the current farm economy downturn discussed in this article influence the resulting decline in financial stability and stamina on KFMA, NW farms. Working capital as a percent of Farm Cash Expense are charted for the years 2004 – 2016 in Figure 5. All quartiles have experienced declines, but none as steep as the High-Mid 25% farms. The High-Mid 25% farms enjoyed a Working Capital as % of Cash Farm Expense of 108% in 2014, or about 13 months of cash expense reserves to only 20% in 2016, which is only enough Working Capital to make it almost to St Patrick’s day or 2.4 months. The High 25% farms enjoyed Working Capital in excess of one year’s cash expenses from 2011 through 2015, peaking at 121% or 14.5 months, only to drop to 88% or 10.5 months in 2016. If these declines in liquidity continue, debt restructure will begin to erode the equity base of KFMA, NW farms. If the erosion of liquidity continues in the High 25% farms, the cash that has been sitting on the sidelines to support land values will disappear and land value declines could accelerate.
Figure 5: Working Capital % of Cash Expenses by Quartile, KFMA NW 2004-2016
Take-Home Points from where we have been:
- KFMA, NW farms that are the most profitable since 2013 have focused on cost containment first. This is not to say they sacrifice productivity; it is cost per unit of production cost containment that counts.
- Marketing opportunities over the past three years have been infrequent and seldom realized. The persistent wide basis for staple crops of wheat and corn have been the primary contributor to reduced farm revenue generation (VFP) for KFMA, NW farms. Cow-Calf operations were spanked in 2016 with lower calf prices in response to the draconian losses in the feedlots in 2014 – 2015.
- Household expenditures and lifestyle choices are difficult to pull back after such good “boom” years within recent memory. Larger operations seem to have a more difficult time lowering expectations on lifestyle.
The present: Prospects in 2017 are improved slightly.
- Cost containment continues to improve efficiency.
- Record fall crop production, especially corn, is going to provide breathing room for lower cost per unit farms.
- Basis up to the time of writing this article has not been as oppressive as 2015 and 2016. This is a positive for most of KFMA, NW farms since it indicates that we have found a way to export our surplus instead of depending on regional feedlot and ethanol consumption exclusively.
- Cow-calf and feedlot operations have enjoyed more balanced and potentially profitable market prices in 2017. Beef export demand has been strong and with some continued success in exports, could contribute to improved producer profits. Feedlot operations need to be very careful of bidding all their potential profits back into replacement calves. But that can turn into a bonus for Cow-Calf producers.
- Inputs for seed and fertilizer have finally started to back down. Herbicides are a challenge because the effectiveness has deteriorated due to resistant weeds and grasses. Some producers have decided to return to tillage methods of summer fallow. This is the result of landlord refusal to share the cost of a key yield increasing input of no-till, herbicides.
Concerns going forward:
All these improved prospects will only buy us time to survive another year in some cases. What has this KFMA Economist worried, and several bankers I interact with, is the likelihood of returning to “normal” (meaning dry weather) and yields that will be ½ of 2017 levels. When this happens (not if, but when) and if prices continue at sub $3.50 corn and $4.00 wheat, the financial stress will go from a bad cold to pneumonia in Northwest Kansas. Keep doing the right things:
- Know your cost of production by enterprise. Using planning budgeting and then follow up with measuring actuals to determine follow-through in cost management. Adequate records that can help you measure your costs and benchmark them against other farms similar to yours can be critical. Consider participating in your regional Kansas Farm Management Association to assist you in providing this important management tool.
- Producers will have to continue to push for cost per unit improvements. Several producers I work with are attempting to renegotiate their cash and share lease arrangements. Getting landlords to pay an appropriate share of the herbicide costs is critical if you are going to continue with no-till. If that doesn’t work, consider working the landlord share down to a level that you, the tenant, can afford to cover all the input costs yourself. That could move share rents from 1/3 – 2/3 to 1/5 – 4/5 for some dry land arrangements in Northwest Kansas.
- Continuing to negotiate for lower seed, fertilizer, and herbicide cost with crop input sources. Don’t be afraid to travel to get inputs. Find the competition if your locals are not competitive.
- Equipment maintenance will need to move to the farm whenever possible, by extending the life of your equipment without replacement, or looking for “bargain” used equipment will be the successful strategy for moderate to larger sized farms. Remember those nice shops we built during the boom years and the bonus depreciation that we used? Now is the time to get some return on that investment. Very large acreage farms may be trapped into continuing steady equipment replacement strategies due to their critical time constraints in season and the extreme complexity of their high technology equipment. Your dealers will thank you.
To sum it all up, we are in a very traditional, and predictable farm economic cycle. Booms, the big ones, run on approximately 30-year cycles: World War 1, World War 2, 1970’s and 2010’s. All of these boom cycles were followed by bust cycles and then nearly 20 years of treading water. We are in the bust cycle and we will wash out another crop of inefficient farms. The larger efficient farms will get larger, the moderate will hold on, and the smaller ones will subsidize their lifestyle with Non-Farm Income and frugal living. This is very predictable historically, but every generation seems to need to re-discover this phenomenon for themselves.
Jordan Steele - Northwest KFMA Economist
In August, I attended the Ranching for Profit School in St. Joseph, Missouri for my professional development this year hosted by Ranch Management Consultants, Inc. The week-long course was jam-packed with information and conversation. The name might imply the course is solely directed toward ranches, but it is a complete business school. Some past attendees have even been with car dealerships, oil field work, and restaurants and hotels and benefitted from the key principles taught through the course. Dave Pratt, the owner of Ranch Management Consultants, Inc., said “knowing how to raise livestock is different from running a business that raises livestock.” Many farmers and ranchers have no problems growing crops or raising cattle, but the business management, such as finances and human resources, is often disliked and therefore ignored. The course covered many topics for operating a business. Here are some highlights:
The course began Sunday afternoon with events for attendees to get acquainted and get an overview of the week to come. One of the first exercises was to complete 50 true/false questions within groups about everything from economics and finance, ecology of grass and soils, livestock reproduction and more. The same questions were addressed by each attendee individually before the course along with a short reading assignment. After comparing answers, every group in the class had more correct answers after group discussion, proving the point that the answer was in the team. We also discussed the importance of having a vision and mission statement for businesses, no matter how big or small.
Economics and finances were the next topic we covered. The RFP School stresses the importance of first applying economics, then finances, and finally income taxes, because it is very common to have these priorities backwards. The school teaches business owners can, and should, estimate income and expenses close enough to get a rough idea of profit in upcoming years with educated guesses on markets, production, etc. Then as the year progresses, they can make adjustments as needed, instead of just moving forward and hope they can pay off the line of credit. Many farms and ranches have several enterprises - different types of cattle, hay and feed production, and grain crops for example. The school’s economic model has a simple way to split these and find which enterprise is most contributing to profit, and then cut the least profitable ones. The benchmark businesses that have completed the school usually end up with only one or two enterprises.
Next, we went into ecology and grazing, which were definitely new ideas to me. My biggest take-away in this segment was learning how to increase the carrying capacity of a ranch. Alumni have doubled- even tripled- their carrying capacity due to a change in herd management and cell grazing with the techniques taught in the course. When alumni implemented these ideas, they worked less and had more free time. Sounds like a novel idea to me, too. Along with ecology and grazing comes drought. There is not one thing we can to do change Mother Nature, but we can make sound management decisions to work with her. Matching enterprises to the environment and matching cattle numbers to the forage available is critical to profit.
As producers, it is too easy to get caught up in physical work and errands on a farm or ranch to lose sight of the vision and financial management. The RFP School suggests two mornings a week to work on the business, because this is generally when we will have a sharp mental game and can work through the numbers. Referring back to the team exercise, it is also beneficial to have a board or a peer group for ideas, decisions, and accountability and implementation of new scenarios. During the course, we held mock board meetings where we presented our business model and received feedback on it.
Overall, I was highly impressed with The Ranching for Profit School and can’t wait until I go again. I have been familiar with the concepts for several years now, but the weeklong course takes it to the next level of understanding. Dave Pratt also has a book titled Healthy Land, Happy Families, and Profitable Businesses, which I read as an introduction to what the course would cover in more detail. It’s an easy read and I would recommend it to everyone in production agriculture. If you are interested in the book or the RFP school, feel free to contact myself or Dave Pratt (707-429-2292) at any time.
Jonie has been with the South-Central KFMA Association in Hutchinson, KS for a little over a year. She brings a wealth of experience working with farmers from her 18+ years as an Extension Agent in Stafford, Harvey, and McPherson counties. Jonie is a K-State graduate with a degree is Animal Science and she received her Master’s in Business Administration from Kansas Wesleyan University. She is a native of Goff, KS where her family ran a dairy farm. Jonie enjoys outdoor activities with her husband, Andy, and 4 children, LoriBeth, Megan, Nathan, and Kaylee. When asked what she likes best about being a KFMA economist, Jonie states getting to know her members is the most rewarding.
Jordan has spent the last two years with the Southeast KFMA Association in Ottawa, KS. She is originally from Paola, KS and received her Bachelor’s in Agricultural Economics from K-State. Jordan enjoys K-State football games and spending time with family and friends. She continues to help out on her family’s farm near Paola and is actively involved with their cattle operation. As a KFMA economist, Jordan enjoys being involved and making a difference with the KFMA families she works with.
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.
Youngjune Kim, Dustin Pendell, and Jisang Yu - K-State Agricultural Economics
Producers are exposed to various risks in their revenue stream due to unexpected changes in price and quantity caused by various factors including adverse weather, crop pests or diseases, and unpredictable changes in demand. Despite expansion of crop insurance programs, both in the United States and globally, little is known about the effects crop insurance has on farm survival. While some argue that crop insurance increases farm survival time by providing indemnity payments to farms when they face financial shocks from declining crop prices or yields, others may argue that crop insurance may not affect survivability.
N.J. Miller, T.W. Griffin, J.S. Bergtold (K-State Agricultural Economics); I.A. Ciampitti (K-State Agronomy); A. Sharda (K-State Biological and Agricultural Engineering
The last twenty years has seen the rapid rise of on-farm adoption of precision agriculture (PA) technologies, however the rate of adoption for specific technologies remains largely unknown. In the fall of 2015, the Kansas Farm Management Association (KFMA) began collecting information regarding member farms’ prior and current adoption of PA technologies. Among the technologies asked about were embodied knowledge technologies and information intensive technologies.
Farming for the Future
January 10, 2018: Scott City, KS
January 11, 2018: Emporia, KS
This program will offer a host of outlook talks to assist in planning for the upcoming years. Having a grasp of input costs and projected prices can assist in making equipment purchasing decisions, land rental arrangements, cattle and grain marketing plans, and much more. Managing a farm’s financials will also be discussed, as it pertains to the current economic times. For more information and registration visit: http://www.agmanager.info/events/farming-future
Farm Financial Workshops
January 11-12, 2018 Salina, KS
January 23-24, 2018 Kingman, KS
February 7, 2018 Colby, KS
February 8, 2018 Dodge City, KS
February 12-13, 2018 Emporia, KS
A Farm Analyst will work directly with your family to assess your current financial position and possible changes your farm could make to increase farm profitability and cash flow. Your family will come away with a balance sheet, enterprise budgets, base business plan, and alternative business plan scenarios.
• Appointment times are 4 hours long for one of the workshop days, with different starting times available
• Participation by all family members involved in the farm is highly encouraged
• $150 fee due is at registration (eligible for $100 off first-year membership to Kansas Farm Management Association)
• Limited appointments are available at each location and will be filled on a first-come, first-served basis
For more information visit: http://www.agmanager.info/events/farm-financial-workshops
2018 Women Managing the Farm Conference
February 15-16, 2018 Manhattan, KS
“Maximizing My Influence: Farm, Community, Consumers” is the focus of the award-winning Women Managing the Farm Conference, set for February 15-16, 2018 in Manhattan, Kansas. Since 2005, this event has been bringing together women who help provide the nation’s food supply. The Women Managing the Farm conference provides a supportive setting in which women can develop the skills, resources and knowledge needed for success in a competitive agricultural environment.
For more information visit: http://womenmanagingthefarm.com/
2018 Agricultural Commodity Futures Conference
April 5-6, 2018 Overland Park, KS
The Commodity Futures Trading Commission (CFTC) and the Center for Risk Management Education and Research at Kansas State University will jointly host, “Protecting America’s Agricultural Markets: An Agricultural Commodity Futures Conference”. This first-of-its-kind conference will include robust presentations and discussions on current macro-economic trends and issues affecting American agricultural futures markets and the importance of these markets for managing risk and protecting participants from manipulation, fraud and other unlawful activities.
A conference agenda with additional details and information about registration will be released in the near future.
For more information: Jennifer Merrill, Managing Director, Center for Risk Management Education and Research 785-532-4075 email@example.com
For more information about these and other events, visit http://www.agmanager.info/events/ or contact Rich Llewelyn at firstname.lastname@example.org 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.
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, John D. Floros, Director. September 2016. Robin Reid & Tom Reust.