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Summary Book - All Counties
years but a surge in market price
was beneficial for area … commodity
and livestock prices stayed moderately consistent … consistent with the 2017 prices. A helpful bonus to net farm …
Summary Book - All Counties
May 1, 2016
Dear Farm Managers and Friends,
The 2015 Profit‐link Summary and Analysis information was processed from the farm records of participating Kansas
Farm Management Association members from 17 counties of Northwest Kansas. The location of the participating members is
shown in the map on page 3. One hundred fifty‐three (153) farms were summarized and represent 61% of the Farm
Management Association, NW 2015 membership. The Association Economists and staff of the KFMA, NW wish to say “thank
you” to these families for their efforts in keeping records complete enough for analysis and for sharing their data to be utilized
in this summary. Additional appreciation is extended to the Association support staff and the individuals at the KMAR‐105
Association for their part in this analysis work.
After a good 2014 year with net farm income of $108,532, 2015 took a downhill slide to a net farm income of
$(2,971). After 66 analysis years, this is only the fifth year in the history of KFMA, NW to post a negative net farm income
following 1953, 1956, 1981, and 2002. Although the average net farm income was a small negative, there is a variation of
income across farms. On page 6 you can see a comparison of farms by net income quartile groups. The bottom 25% (39
farms) averaged $‐202,117 of net farm income, while the top 25% (38 farms) averaged $183,650 of net farm income. The
driving force behind the decrease in 2015 average net farm income was a decrease of 21% in value of farm production from
an average of $917,918 in 2014 to only $722,590 in 2015. Total expense also decreased in 2015 to $725,561 but not enough
to avoid a loss on the year.
Although net farm income was negative, crop yields were better in 2015 than 2014. Dryland wheat averaged 35
bushels per acre while dryland corn and milo averaged 83 and 77 bushels per acre, respectively. Dryland soybean yields
averaged 20 bushels per acre. Irrigated corn yields were up to an average of 210 bushels per acre and irrigated soybeans
averaged 61 bushels per acre. Irrigated wheat yields in 2015 averaged 58 bushels per acre and irrigated milo average 109
bushels per acre. Review the non‐irrigated enterprise summary that begins on page 25 and the irrigated enterprise summary
that begins on page 57 for more details.
Beef cow‐calf operations that sell weaned calves experienced a positive $132 net return above variable cost in 2015.
Cattle prices were still historically high in 2015, but nothing compared to the end of 2014 and with the nation’s cow herd in
expansion, it is fairly safe to say the cattle market is on a downturn. Feed cost for cow‐calf operators decreased from $545.65
in 2014 to $500.02 in 2015 which will become more and more important for cattle producers to control feed and non‐feed
costs to maintain positive returns.
We hope you will find the information useful and insightful for evaluating the KFMA, NW members in general and
your farm in particular. If you want to know more about how your farm compares to similar farms, and you are currently not
a member of the Farm Management Association, NW, consider giving us a call. We are taking applications for membership in
all of the KFMA, NW area.
Sincerely,
Mark A. Wood …
December 17, 2015
Financial Management
valued at below
average price/cost. The first statement …
August 28, 2015
Financial Management
The AGR‐Lite program is complex and thus requires very detailed data from the insured. This complexity
may be at least part of the reason that relatively few policies have been sold in Kansas or nationally despite the
potential benefit of insuring against production risks and basis risks, which are not mitigated by other insurance
products for livestock that only cover price risk.
To determine an overall net gain or loss from AGR‐Lite, consideration must be given to the cost of the
policy or premium. We evaluate AGR‐Lite as a stand‐alone product rather than a “wraparound” policy.
Anonymous annual data for the period 1993–2010 from the KFMA were used to reproduce the essential
information for IRS Form 1040, Schedule F and inventory records that a farm manager would need to purchase
AGR‐Lite. Five years of preceding historical data are required to perform the necessary calculations for the
revenue guarantee and to purchase AGR‐Lite each year. The data set allowed calculation of the impact of the
whole‐farm revenue insurance for the 12 years from 1999–2010. Furthermore, we assume annual enrollment
each year over the entire study period.
…
December 17, 2015
KFMA Research
valued at below
average price/cost. The first statement …
August 28, 2015
KFMA Research
The AGR‐Lite program is complex and thus requires very detailed data from the insured. This complexity
may be at least part of the reason that relatively few policies have been sold in Kansas or nationally despite the
potential benefit of insuring against production risks and basis risks, which are not mitigated by other insurance
products for livestock that only cover price risk.
To determine an overall net gain or loss from AGR‐Lite, consideration must be given to the cost of the
policy or premium. We evaluate AGR‐Lite as a stand‐alone product rather than a “wraparound” policy.
Anonymous annual data for the period 1993–2010 from the KFMA were used to reproduce the essential
information for IRS Form 1040, Schedule F and inventory records that a farm manager would need to purchase
AGR‐Lite. Five years of preceding historical data are required to perform the necessary calculations for the
revenue guarantee and to purchase AGR‐Lite each year. The data set allowed calculation of the impact of the
whole‐farm revenue insurance for the 12 years from 1999–2010. Furthermore, we assume annual enrollment
each year over the entire study period.
…
December 1, 2015
Beef Cattle
valued at below
average price/cost. The first statement …
January 19, 2010
Energy
regional
variation in the price of these feed products impacts …
February 1, 1999
Land Rental
Rates
arrive at an equilibrium price?
Typically, landowners
and …