With the holidays approaching and the end of the year in sight, now is a good time to reflect back on how the year went and to count our many blessings. That may seem difficult in a year plagued by a wet spring, which delayed planting especially in central and northern areas of the state and slowed crop maturity. Adding insult to injury for crop farmers were low prices for crops and higher interest rates.

But there are still plenty of reasons for Wisconsin farmers to be grateful in 2024.

Weather woes

Farmers across much of the state battled a wet May and June. As a result, many farmers didn’t finish planting corn and soybeans until June. A somewhat cool summer further delayed the crops from maturing. The good news was we had warm, dry weather in September and October, which delayed a killing frost until mid- to late October for most of the state and allowed late-planted corn and soybean crops to mature.

Despite a number of challenges, Wisconsin farmers still have many blessings to count this year:

Wisconsin corn production is forecast at 535 million bushels, down 3% from the previous year, according to the latest USDA National Agricultural Statistics Service Crop Production report. Based on conditions as of Nov. 1, yields are expected to average 182 bushels per acre, up 6 bushels per acre from last year. Corn planted acreage is estimated at 3.75 million. An estimated 2.94 million of the acres planted were harvested for grain. As of Nov. 1, corn futures for December were $4.16 per bushel. A year ago, in December 2023, corn futures surged 31 cents to $6.28 per bushel,

Wisconsin soybean production is forecast at 112 million bushels, up 7% from 2023. The yield is forecast at 53 bushels per acre, 2 bushels higher than a year ago. Soybean planted acreage is estimated at 2.15 million, with 2.12 million acres harvested. The December 2023 average price received by farmers for soybeans, at $13 per bushel, was 20 cents below the November price and $1.50 below the December 2022 price.

This year may well go down as a good year for dairy farmers and one of the best profit years for beef producers. That’s in sharp contrast to crop producers, who may be in the most financially stressing year they’ve had in the past decade. A key to the intensity of the financial squeeze on crop growers is how much of their expected 2024 production was forward-priced.

Stronger milk prices

After milk prices struggled the first half of 2024, in September, USDA announced the nation’s Class III milk price at $23.34 per cwt, up $2.68 from August, $4.95 above September 2023, and the highest Class III price since June 2022. That put the 2024 average at $18.37, up from $17.13 at this time a year ago and compared to $22.24 in 2022.

In early November, Class III futures portended a price at $20.05, December at $19.35 and January at $19.50 per cwt.

Great year for beef

Most cow-calf producers had a great year in 2024. Easing grain prices, generally better grazing and more abundant harvested forages trimmed production costs. Both fed cattle and feeder cattle prices will set annual near-record highs this year.

Profits lure cow-calf producers to expand herds. However, the U.S. beef herd will be expanding from a 65-year record low level. Heifer retention actually will further tighten the fed beef supply. So, any rise in beef available to consumers is a ways off. Feeder cattle will continue to be valuable property for the foreseeable future.

Here’s to a happy and healthy holiday season for you and your loved ones.