Making the best farm program selections for 2024

A farm business management analyst says farmers should take their time to make the right farm program selections for 2024.

Kent Thiesse with MinnStar Bank says both the Ag Risk Coverage and Price Loss Coverage programs have important updates.

“They will be different because of the higher reference and benchmark prices for 2024.”

He says preliminary estimates show soybean reference prices increasing 86 cents and corn reference prices increasing 32 cents from the previous year’s PLC program. And the benchmark prices for ARC will also increase.

“Benchmark prices have been at $3.70 for corn for several years now and it will increase to $4.75 in 2024 and the soybean price, which was $9.57 in 2023, will go up to $10.89 and the wheat price will go up to $6.21.”

Thiesse tells Brownfield there are other factors to consider when making a decision.

“Sometimes there’s a variation with ARC-CO between county yields. And if you decide on PLC, there’s a chance to use Supplemental Crop Option insurance and that worked out quite well this past year.”

Sign-up is now open for USDA’s 2024 ARC and PLC programs through March 15.

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