KC Fed: Cattle Prices Supporting Oklahoma Farm Income

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Farm income is currently much stronger in Oklahoma than in other farm states in the tenth Federal Reserve District, according to an informative report from the Federal Reserve Bank of Kansas City, and high cattle prices are the primary reason. The KC Fed’s economists note that margins in cattle production are much higher than those in crop production and cattle production accounts for about 50% of Oklahoma farm income. As a result, farm income growth in the state is healthier than in the states with a higher exposure to crop production, and agricultural land values are more stable as well. However, the economists caution that high feed and diesel costs along with severe weather, such as drought, could pressure cattle production margins going forward.

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