Record-high cash receipts in Kentucky expected despite drought

LOUISVILLE, Ky. (AP) - University of Kentucky agricultural economists say the state's farm sector appears on track to reap record-high cash receipts despite a punishing summer drought.

UK agriculture economist Will Snell on Thursday projected total cash receipts surpassing $5 billion for the first time in state history.

Snell told members of the Kentucky Farm Bureau at a meeting in Louisville that strong grain and livestock prices along with high crop insurance payments helped offset sharply lower grain yields from the drought.

Net farm income, or the amount left after production costs, is expected to be near the top end of the $1 billion to $1.5 billion-range that is typical for the state. The economists are forecasting even higher receipts in 2013 in the range of $5.4 to $5.6 billion.

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