JANUARY 12, 2024 | VOLUME 27 | ISSUE 1
Farm Bureau Press A PEEK INSIDE
ARKANSAS NRCS ANNOUNCES ACT NOW FUNDING SIGN-UP Arkansas farmers and ranchers who are interested in planning and competing for potential funding opportunities should ACT NOW. The U.S. Department of Agriculture’s (USDA) Natural Resources Conservation Service (NRCS) will be utilizing ACT NOW to process conservation applications in some ranking pools to deliver a conservation product faster. Fiscal Year (FY) 2024 Environmental Quality Incentives Program (EQIP) ACT NOW allows Arkansas NRCS to immediately approve and obligate ranked applications in a designated ranking pool when an eligible application meets or exceeds the state-determined minimum ranking score. ACT NOW will utilize minimum ranking score thresholds for each ranking pool. This means no longer having to wait for all applications to be reviewed and preapproved in a ranking pool.
ArFB Announces Ag Leaders Program, Page 2
Arkansas FY2024 ACT NOW Opportunities include: • AR Seasonal High Tunnel Initiative • AR Soil Health Initiative • AR Energy Initiative Farmers and ranchers are encouraged to be prepared to provide information about their anticipated crop rotation, any soil testing, and other relevant resource information like a nutrient management plan, soil health assessment, and pest management plan, including a chemical list for crop fields you wish to enroll. This preparedness will help to facilitate planning their project. How to Apply Interested producers should contact their local USDA Service Center. Arkansas NRCS will use the ACT NOW process for some EQIP funding pools and projects beginning Jan. 22 through Feb. 22. Applicants are encouraged to work with NRCS and the USDA’s Farm Service Agency (FSA) to complete eligibility requirements at their earliest convenience during the application process and to update all their agricultural records for FY2024. Field Service Centers can be found online here.
Arkansas Farm Bureau YF&R Conference Set For February, Page 3
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A PUBLICATION OF THE ARKANSAS FARM BUREAU FEDERATION
ArFB ANNOUNCES AG LEADERS PROGRAM Developing leaders in our organization has long been a hallmark of Arkansas Farm Bureau. County organizations are the strength of Farm Bureau and developing leaders to be a part of those organizations is critical to our continued success. To take our leadership development to the next level, a new program will be offered to ensure we provide the most comprehensive and effective program possible. The Arkansas Grassroots Leadership (AG Leaders) program will identify and provide training and resources for potential Farm Bureau leaders, introduce them to all aspects of the organization and connect them with current Farm Bureau leaders to ensure their success. It is a two-year program of work that will offer opportunities at the county, state and national level for Farm Bureau leaders. The AG Leaders program starts with regional meetings where participants will receive an overview of Arkansas Farm Bureau. From there, participants will have the opportunity to continue their involvement at the state and national level. Registration is available online.
PLYLER APPOINTED TO BEEF PRO ArFB State Board Member and Hempstead Co. rancher Caleb Plyler was recently appointed to the U.S. Department of Agriculture (USDA) Cattlemen’s Beef Promotion and Research Board. Plyler and 25 other members will serve three-year terms and one member will serve a one-year term. The term of board members appointed to three-year terms starting February 2024 and end February 2027.
Caleb Plyler
Newly appointed members include: Sallie R. Miller, Colo.; Sarah K. Childs, Fla.; Tucker Shaw, Idaho; Gwenna R. Prescott, Idaho; Marisa Kleysteuber, Kan.; Jacquelyne
ArFB'S EVAN TEAGUE APPOINTED Evan Teague, vice president of environmental issues for the Arkansas Farm Bureau, has been appointed by Senate Pro Tempore Bart Hester to the Nutrient Water Quality Trading Advisory Panel. Teague will serve a two-year term, and is replacing Daniel Dawson, general manager of the Searcy Water Utilities. Teague was initially appointed by former Gov. Asa Hutchinson to the Nutrient Water Quality Trading Evan Teague Advisory Panel, where he chaired the Non-Point Source Subcommittee. Legislation enacted in 2015 provided the Arkansas Department of Environmental Quality and the Arkansas Pollution Control and Ecology Commission the authority to establish and regulate water quality trading in the state.
Lonoke Co. Building Dedication | The Lonoke Co. Farm Bureau office was recently named the Robert D. Millard Building in honor of Millard and his years of service to the Lonoke Co. Farm Bureau as the Agency Manger. Millard passed away in 2023. Those in attendance for the dedication included current Agency Manger Clint Miller (shown above), Lonoke Co. Farm Bureau staff, county members and the Millard family. A reception followed the ceremony. 2
The panel was established to advise ADEQ and ANRC regarding the desirability, design and operation of nutrient water quality trading programs and to advise the Arkansas Pollution Control and Ecology Commission (Commission) and the ANRC regarding the promulgation of regulations involving nutrient water quality trading programs. The Nutrient Water Quality Trading Advisory Panel consists of nine members, including one appointed by the President Pro Tempore of the Senate, one member appointed by the
A PUBLICATION OF THE ARKANSAS FARM BUREAU FEDERATION
OMOTION RESEARCH BOARD Renae Leffler, Kan.; Andy Bishop, Ky.; Kalena Bruce, Mo.; Verna J. Billedeaux, Mont.; Gina M. Hudson, Neb.; Bree A. DeNaeyer, Neb.; Don V. Cain, Jr., D.V.M., M.S., Neb.; Jason Schmidt, N.D.; Cheryl DeVuyst, Okla.; Gaye Pfeiffer, Okla.; David O. Uhrig, S.D.; JoJo Carrales, Texas; J. Ryan Moorhouse, Texas; Mark Sustaire, Texas; and Pat McDowell, Texas. Representing the Southwest Unit will be Melissa Daniels, Calif., and representing the Importer Unit will be Doug McNicholl, Washington, DC; Kimberly A. D’Anella, N.J.; Andrew Banchi, Wis., and Matthew Allan, Washington, DC (1-year term). The board is authorized by the Beef Promotion and Research Act of 1985 and is composed of 99 members representing 34 States and 5 units. Members must be beef producers or importers of beef and beef products nominated by certified producer organizations. More information about the board is available on the Agricultural Marketing Service (AMS) Cattlemen's Beef Board webpage.
D TO ADVISORY PANEL Speaker of the House of Representatives; and seven members appointed by the governor, two of which represent the interests of environmental organizations regarding water quality and one who will representing the following: • agricultural interests; • forestry interests; • municipal wastewater treatment facility interests; • public drinking water supply interests; and • the interests of industries that hold point source wastewater discharge permits. Teague joined ArFB in 2004 as the organization’s first Environmental Specialist. From 2016 to 2022, he was the organization’s vice president of Commodity and Regulatory Affairs. Teague spent almost eight years as an engineering consultant with Garver Engineering before joining ArFB. He holds a master’s degree in environmental engineering from the University of Arkansas, and a bachelor’s degree in engineering with a civil concentration from Arkansas State University. An Arkansas registered professional engineer, Teague is also a member of professional and trade organizations such as the Arkansas Water Works & Water Environmental Association, Arkansas Environmental Federation, Water Environment Federation, American Society of Civil Engineers, and the Arkansas Society of Professional Engineers. He recently completed the Executive MBA Program through the Walton College of Business at the Unvserity of Arkansas.
ARKANSAS FARM BUREAU HIRES HOPKINS FOR LOCAL AFFAIRS, RURAL DEVELOPMENT ROLE Will Hopkins has been hired as director of local affairs and rural development at Arkansas Farm Bureau, where he will serve as a member of the lobbying team for the state’s largest agricultural advocacy organization. Hopkins, of Little Rock, most recently worked as a technical sales Will Hopkins representative for DataScout, where he was responsible for training elected officials and other clients to use the company’s software and products. Prior to his role at DataScout, Hopkins served in the Arkansas Secretary of State’s office as a business office administrator. A graduate of Arkansas Tech University, Hopkins holds a Bachelor of Science in Business Administration degree and serves as an alumni board member at Arkansas Baptist Preparatory School in Little Rock.
YF&R CONFERENCE SET FOR FEBRUARY The Arkansas Farm Bureau Young Farmer & Rancher and Collegiate Conference will be held Feb. 9-10 at the Embassy Suites in Little Rock. Friday’s agenda will include Collegiate Discussion Meet Preliminary Rounds, workshops, and a welcome session. Dinner Friday night will be at BoBrook Farms and will include Ag Olympics, kids’ races and live music. Saturday will feature addresses from ArFB President Dan Wright and EVP Jarrod Yates. The conference will conclude Saturday afternoon with keynote speakers, The Peterson Brothers. Registration forms can be found online or by contacting your county office. Deadline for registration is Jan. 26.
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MARKET NEWS as of January 10, 2024 Contact Brandy Carroll
brandy.carroll@arfb.com
Tyler Oxner
tyler.oxner@arfb.com
Corn Bearish price trends persist for corn and soybeans, particularly with improved weather in Brazil boosting safrinha corn production. The March contract hit a year contract low of $4.51 this week as the markets are trading based on the weather. Currently, U.S. exporters maintain a competitive edge, as Brazil withdraws from the corn export market. Rising global shipping rates, influenced by Red Sea incidents and Panama Canal drought, add pressure to corn. Traders anticipate a USDA production revision lower than fourmillion metric tons in the upcoming WASDE, with the average estimate around 125 million metric tons. Soybean Soybean prices remain on a bearish trend even as hot and dry conditions threaten yields in Southern Brazil's Parana state. However, other key soybean-growing states in Brazil have seen a significant improvement in yield prospects due to cooler temperatures and widespread rains in recent weeks. The nearby soybean contract found a new sixmonth low this week at $12.28. U.S. soybean exports continue to lag, down 16% compared to last year, yet the Census export report indicates a November export of 274 million bushels, surpassing the FGIS weekly inspections total by 30 million bushels, despite being 115 million bushels less than the previous year. Notably, U.S. soybean exports to China have declined by 35% this year, reaching just under 90 million bushels. 4
Wheat Wheat markets appear to be in a pause mode, with traders anticipating new fundamental data from USDA's WASDE reports. Front month prices show proximate support at $6.00, while resistance hovers around $6.20. Attention is on Friday's wheat seeding numbers, and the majority anticipates a decrease in winter wheat planting. The average trade estimate ahead of the January WASDE suggests a reduction of over one million acres in wheat seeding, though some private analysts project a steeper decline, ranging from 1.5 to 2 million acres. Rice Rice futures started 2024 off with a bang. The March contract rallied higher on the first trading day of the year, closing above the $18 mark, only to chart a huge bearish reversal the next day, trading as high as $18.14 before closing at $17.31½. That high certainly looks like a top, but prices have been consolidating since then, with trading confined to a narrowing range. Strong Asian rice prices have improved U.S. competitiveness in export markets, improving export sales and providing support to futures. In fact, Thai rice prices ended 2023 at 15-year highs. New crop contracts are currently trading about $2 below the old crop prices, but coupled with a significant improvement in input costs (particularly fertilizer), we could see increased rice plantings this spring. Cotton Cotton futures are trading in a mostly sideways pattern. March has established support at the low of 77.66 cents and resistance at 83.13 cents and prices are consolidating withing that rage. New crop December cotton is trending higher, but so far has been unable to overcome resistance just below 80 cents. This is not encouraging as farmers make final
A PUBLICATION OF THE ARKANSAS FARM BUREAU FEDERATION
planting decisions for the 2024 crop. There are some encouraging signs that demand could improve, and importantly, the economy has not moved into a recession, but that seemingly has not carried over into futures prices just yet. The National Cotton Council is conducting their annual production survey, and those results, released in February, will be our first look at what cotton farmers are planning for 2024. Cattle February live cattle futures are chopping along mostly sideways above support at a double bottom near $165.50 charted in early December. The market is finding resistance at $172.50 for the time being, but a close above that level could see the market move to challenge resistance at $175.20. June futures also have been unable to overcome resistance at $172.50. We have seen significant weakness in wholesale beef prices and packer operating margins to begin the year. Weakness in the stock market and a stronger dollar are also negative market factors. The current supply of market-ready cattle is more than adequate to meet demand, and that will also keep lid on prices. Hogs February live hog prices look to be charting a significant bottom. On the first trading day of the new year, the market plunged, trading as low as $64.65½. The market has since recovered and is now challenging resistance at $73. Firm wholesale pork prices and packer margins have provided support as the market recovers. The supply of hogs in the pipeline is more than adequate to meet demand, however, so that could limit the upside potential of the market for the time being.
EDITOR Ashley Wallace ashley.wallace@arfb.com