Farm Bureau Press | June 14

Farm Bureau Press

A PEEK INSIDE

SENATE AG REPUBLICAN FRAMEWORK FOR FARM BILL RELEASED

U.S. Sen. John Boozman, ranking member of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, released a framework for the next farm bill that modernizes the farm safety net, facilitates access to overseas markets, and makes an historic investment in conservation and nutrition programs.

Several Farm Bureau priority issues are addressed in the framework, including:

• Increased statutory reference prices for every covered commodity by an average of 15% and enhancement of the effective reference price escalator

• Allows under-based and beginning farmers to create base

• Modernizes Dairy Margin Coverage by allowing farms to update production history

• Increases conservation funding and focuses on working lands programs

• Doubles funding for the Market Access Program and the Foreign Market Development Program

• Creates a new risk management tools for poultry growers

Read the framework for more details.

The framework builds on the farm bill recently passed out of the House Agriculture Committee with bipartisan support, and Chairwoman Debbie Stabenow’s (D-MI) release of Senate Democrats’ priorities.

“We are excited to see the framework presented by Sen. John Boozman and the Senate Republicans,” said ArFB President Dan Wright. We appreciate the Senator and his staff’s commitment to this important work. We believe this proposal delivers what we have asked for, which is more “farm” in the farm bill.”

“This framework outlines the need for a modern safety net that reflects the risks of meeting the demands of feeding our nation and much of the world.”

“We look forward to working with the Arkansas delegation and the rest of Congress to get a farm bill passed this year, and bringing some certainty to Arkansas agriculture and the farmers and ranchers of this great country.”

Farm Bureau Bank Continues to Expand, Hires New Arkansas Relationship Banking Market Manager, Page 2

Aiming for the Future of Agriculture

2024 ArFb Foundation Trap Shoot Photos Continued, Page 3

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FARM BUREAU BANK CONTINUES TO EXPAND, HIRES NEW ARKANSAS RELATIONSHIP BANKING

MARKET MANAGER

Farm Bureau Bank is excited to announce that Rachel Tidwell has joined the team as the new Relationship Banking Market Manager for Arkansas.

Farm Bureau Bank’s relationship banking team specializes in providing concierge banking services tailored to the needs of Farm Bureau organizations, leaders, agency forces, members and in the community. Based out of Conway, Rachel Tidwell brings a wealth of expertise and a deep understanding of the local market dynamics. Determined to enhance client interactions, she aims to drive the bank’s growth initiatives throughout the state. Her role will be pivotal in deepening existing relationships and exploring new opportunities to more effectively serve the community.

“We are thrilled to have Rachel on board. Her expertise and passion for relationship banking and small business lending align perfectly with our goals of enhancing client services and expanding our presence with Arkansas Farm Bureau and the local community,” says Cathy Alexander, director of relationship banking. Rachel prides herself on being flexible and accessible, ready to discuss financial needs at your workplace, home, farm or over a cup of coffee at your favorite local spot — whatever suits you best.

Tidwell has nearly 10 years of experience in the financial services industry, including five years as a commercial lender for Arvest Bank. Rachel holds a master’s degree in Anthropology from Southern Illinois University and a bachelor’s degree in Sociology from the University of Central Arkansas. She also is currently on the board for Milestones Services,Inc., a developmental preschool in Conway.

PUBLISHED NOTICE ARKANSAS

NOTICE OF A CLASS ACTION LAWSUIT

If you purchased Super S Super Trac 303 Tractor Hydraulic Fluid, Super S 303 Tractor Hydraulic Fluid, CAM2 Promax 303 Tractor Hydraulic Oil, and/or CAM2 303 Tractor Hydraulic Oil in Arkansas between December 1, 2013, and December 31, 2021, you may be a member of a class action that has been certified by a Federal Judge.

A Federal District Court has certified this case to proceed as a class action on behalf of all purchasers of Super S Super Trac 303 Tractor Hydraulic Fluid, Super S 303 Tractor Hydraulic Fluid, CAM2 Promax 303 Tractor Hydraulic Oil, and/or CAM2 303 Tractor Hydraulic Oil (“Smitty’s/CAM2 303”) in Arkansas who meet the class definition The lawsuit is part of a Multi-District Litigation (“MDL”) that is pending in the United States District Court for the Western District of Missouri. The MDL is captioned: In Re: Smitty’s/CAM2 303 Tractor Hydraulic Fluid Marketing, Sales Practices, and Product Liability Litigation, MDL No 2936, Case No 4:20-MD-02936-SRB (U.S. Dist. Court, W.D. Mo.).

You are a member of the Arkansas Class if you purchased Smitty’s/CAM2 303 in Arkansas between December 1, 2013, and December 31, 2021 For certain exceptions to class membership, see the Arkansas Long Form N otice at www cam2supers303tractorhydraulicfluidclassaction com

The Arkansas Class Plaintiffs have sued Smitty’s Supply, Inc., and CAM2 International, LLC, (“Manufacturer Defendants”), alleging that they were negligent, breached express warranties, breached the implied warranty of merchantability, and were unjustly enriched. Manufacturer Defendants have denied the allegations and all claims of wrongd oing A jur y has not yet decided which side will prevail

An Arkansas Long Form Notice, as well as more information on the lawsuit, the class definition, and your options are available at www cam2supers303tractorhydraulicfluidclassaction com or by calling (866) 742-4955. You do not need to do anything to remain in the Arkansas Class Anyone wanting to exclude oneself must take action and mail in an exclusion request by July 1, 2024 For an exclusion form and details on how to exclude yourself, see www cam2supers303tractorhydraulicfluidclassaction com or the Arkansas Long Form Notice You may request an Arkansas Long Form Notice be mailed to you by calling (866) 742-4955.

2024 A r FB FOUNDATION TRAP SHOOT

The Arkansas Farm Bureau Foundation held its annual Trap Shoot June 7 at the Arkansas Game & Fish Foundation Shooting Sports Complex in Jacksonville. This year 56 teams competed, with 23 adult teams and 33 youth teams participating.

Prizes were awarded to the top three adult and youth teams as well as the top shooter.

Top teams for this year’s shoot are:

• Top Shooter – Zach Millsap, Crawford Co.

• Youth Division First Place – Ashdown Senior High

• Youth Division Second Place – Shiloh

• Youth Division Third Place – Perry Co. Farm Bureau

NEW WOODRUFF COUNTY AGENCY MANAGER

Wes Fairchild will become the new Woodruff County Farm Bureau agency manager July 1. Fairchild has been an agent with Arkansas Farm Bureau for 13 years, 11 of which have been in Woodruff County. Wes is married to Lana Fairchild and they have a son, Tucker.

Fairchild will replace Bobby Bowen, who will retire after 37 years with Farm Bureau. Bowen’s last day will beJune 30. A reception will be held from 4 to 6 p.m June 20 at the county office to celebrate his work and dedication.

• Adult Division First Place – Greene Co. Farm Bureau

• Adult Division Second Place – Fulton/Izard Co. Farm Bureau

• Adult Division Third Place – Arkansas Pattern Masters

Each year, half of net proceeds from the shoot directly benefit the Arkansas 4-H and Arkansas FFA Foundations, while continuing to support the goals of the ArFB Foundation.

Photos from the event can be found online.

2024 First Place Adult Team

2024 First Place Youth Team

2024 Top Shooter

Bobby Bowen (left) and Wes Fairchild.

MARKET NEWS

as of June 12, 2024

Contact Brandy Carroll brandy.carroll@arfb.com

Tyler Oxner tyler.oxner@arfb.com

Rice

New crop September futures continue to be capped by resistance at the triple top of $15.80. The market charted a huge outside day last week, establishing support at $15.20, and the market is consolidating between those levels at this point. The June WASDE report showed a one million hundredweight reduction in supplies for 2024/25, thanks to a reduction in carryover from the 2023/24 marketing year. With the rest of the report unchanged, this carried through to ending stocks. It should be noted, however, that ending stocks are projected to increase 5 million hundredweight year over year, from 39.5 million cwt. in 2023/24 to 44.5 million cwt. in 2024/25. The average on-farm price is also reduced significantly. The average long-grain price is forecasted to be down $1.30/cwt to $14.50. Southern medium-grain is forecasted to be down $2.90/cwt to $15.00.

Cotton

As of June 9, 80% of intended cotton acres have been seeded. Most of what is left is in Texas and Oklahoma, where drought continues to be a factor. Currently, 61% of the crop nationwide is in good to excellent condition, which is significantly better than last year’s 49%, and well above the five-year average. The relative condition of the crop is pressuring futures as the prospect for a big crop looms over the market. The monthly WASDE did not change the production estimate, but the supply estimate was up 400,000 bales

to 4.1 million, thanks to an increase in beginning stocks. The season average on-farm price for upland cotton was down 4 cents to 70 cents/lb.

Corn

The June WASDE report made no changes to the U.S. corn balance sheet, and corn prices remained positive. Traders appear skeptical of the USDA’s unchanged South American corn estimates from May. Despite discussions about the bullish impact of stunt disease in Argentine corn, which some private crop scouts believe may have significantly reduced production, and flooding in southern Brazil, CONAB’s May forecast is nearly 9 million metric tons lower than the USDA’s. Additionally, the expanding drought in Mexico and concerns from China about the effects of extreme heat and dryness add to the bullish outlook. Nevertheless, the WASDE report left China’s global numbers unchanged. December 2024 corn is currently just below the 100-day moving average resistance at $4.72.

Soybean

The Wednesday WASDE report reduced the old-crop soy crush by 10 million bushels to 2.290 billion bushels, increasing new-crop ending stocks by the same amount to 455 million bushels. This was the only change to the U.S. balance sheet. Globally, Brazil’s production was lowered by just 1 million metric ton to 153 million metric tons, falling short of trade expectations, while Argentine soy production remained unchanged at 50 million metric tons. With the USDA’s WASDE report being largely neutral for soybeans and little other market news, soybean prices remain flat. November 2024 soybeans appear to have support at $11.41 and resistance at $11.60.

Wheat

The WASDE report indicated a rise in U.S. winter wheat production by 17 million bushels to 1.295 billion

bushels, aligning with estimates. There were no changes to old crop stocks, which remained at 688 million bushels, while new crop stocks fell by 7 million bushels. This decline was due to a 25-million bushel increase in exports, reaching 800 million bushels. Globally, Russian wheat production was reduced by 5 million metric tons to 83 million metric tons. With the market still attempting to determine an accurate figure for Russia’s 2024/25 wheat harvest, prices have begun to consolidate just above $6.00 for the July 2024 contract.

Livestock and Poultry

The June WASDE report raised the estimate for total U.S. red meat and poultry production for 2024. While beef production was mostly unchanged, pork production was raised on higher weights and broiler and turkey production were raised on higher bird weights and recent hatchery data. The egg production forecast was lowered due to recent discoveries of Highly Pathogenic Avian Influenza in commercial laying flocks. For 2025, the red meat and poultry production forecast was raised on higher expected beef production. The forecast for pork exports was raised due to strong demand. Broiler forecasts for 2024 and 2025 were lowered as U.S. prices are less competitive at current levels.

Dairy

Milk production forecasts for both 2024 and 2025 were unchanged from last month. Class III and Class IV price forecasts were higher on higher prices for butter, cheese, whey, and nonfat dry milk. The all-milk price forecast was raised to $21.60/cwt. Strong demand is expected to carry into 2025, and the all-milk price forecast for 2025 is $21.50/cwt.