The value of livestock cash receipts totaled $3.47 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 led 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 rounded out the top 5 with a value of $1.1 billion, an increase of 25% from the previous year.
The top 10 commodities are corn, broilers, soybeans, equine, cattle, hay, eggs, tobacco, milk, and wheat. 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 total. The top 10 commodities total almost $7.9 billion in cash receipts.
This is a significant increase from the previous year, and it is due to a number of factors, including strong demand for agricultural products, favorable weather conditions, and increased production. This is good news for the Kentucky economy, as agriculture is a major driver of economic activity in the state.
The record high cash receipts are a testament to the hard work and dedication of Kentucky's farmers and ranchers. They are also a sign of the strength and resilience of the state's agricultural industry. I am confident that Kentucky's farmers and ranchers will continue to produce high-quality agricultural products that are in demand around the world.
Photo Credit: gettyimages-ron_thomase+
Categories: Kentucky, General