Despite rapid increases in input costs, widespread drought and low yield, net income on Kansas farms held strong in 2022, according to a report from the Kansas Farm Management Association.
In fact, KFMA executive director Mark Dikeman said he is “relieved that income was as high as it was” considering the adversity that many Kansas farmers faced during the past year.
This year, Dikeman notes, Kansas net farm income came in at $164,914, just below a five-year average of $173,660, but well ahead of the five-year period between 2016-2020 when the state’s net farm income averaged $99,497.
A year ago, KFMA reported net farm income at $319,180, spurred by a combination of farmers buying inputs at lower prices and capitalizing on strong crop yields, robust grain prices and pandemic-related government payments. It was the highest net farm income average ever recorded in Kansas, according to KFMA, which has kept records since 1970.
The report on 2022 reflects average net farm income for 834 Kansas farms working with KFMA economists in six regions of the state. KFMA economists work individually with farm families to provide farm-specific production and financial management information that can be used in making decisions.
