A lot happened that had impacted agricultural operations last year. ProAg stayed on top of the latest breaking news. Looking back at 2024, we’re breaking down the top five most popular news items published on ProAg.com:

Number 5

Projected 2024 Corn and Soybean Prices Drive Home the Importance of Crop Insurance

Projected corn and soybean prices are down, impacting revenue protection crop insurance policies, which will likely be less expensive in 2024. However, that means the floor price for the policies will be lower too. While the projected lower prices isn’t news any farmer wants, it underscores the importance of a solid risk management strategy in partnership with a trusted crop insurance agent. Read more here.

Number 4

Northwest Iowa Farmland Sells for Near-Record $29,600 Per Acre

Two tracts of farmland in Sioux County, Iowa, were sold for a near-record $29,600 per acre. The amount came close to the record set in November of 2022 for $30,000 per acre. A total of 117 acres of prime farmland near Sioux Center and Orange City, Iowa, were sold. Read more here.

Number 3

The Latest WASDE Report Defies Expectations

Grain traders expecting lower corn ending stocks would be surprised by the latest World Agricultural Supply and Demand Estimates (WASDE) report. New-crop U.S. ending stock estimates were neutral for corn, soybeans and wheat. Read more here.

Number 2

Pay Your Farm Kids for Maximum Tax Benefits

Farmers who pay their children in exchange for labor could receive large tax breaks while simultaneously building wealth for their children. In 2024, the standard deduction for individuals was $14,600. So, farm kids could earn that much without paying state or federal taxes. That means the farm business could take a deduction as high as $14,600 without paying it to the government. Investing those dollars for your children means having your cake and eating it, too. Read more here.

Number 1

El Niño Unexpectedly Transitions to La Niña Summer 2024

A highly rare weather phenomenon was slated for this summer. After three consecutive years with La Niña winters transition to an El Niño for the 2023 – 2024 winter, meteorologists expected a quick change back to La Niña for summer 2024. The trend is rare, although not unprecedented. Historically, a strong El Niño in winter usually points to a La Niña summer or fall. The change comes from the abrupt relaxing of trade winds over the Pacific Ocean, leading to the surface temperatures to climb two full degrees. Read more here.