Farm Bureau Press | April 28

Farm Bureau Press

INAUGURAL ARFB FOUNDATION PICNIC

The Arkansas Farm Bureau (ArFB) Foundation recently hosted its inaugural picnic. Pulaski Co. Farm Bureau placed the winning bid at the Annual Foundation Night In last year and enjoyed celebrating its philanthropy at the event.

All proceeds from the auction purchase benefited the ArFB Foundation and the incredible work they do throughout the state. Farm Bureau is thankful for the county members who put in the work year-round to serve their communities.

Thanks to the Arkansas Farm Bureau Insurance team members who came to cook and celebrate, and state board members who came to serve and celebrate as well.

American Farm Bureau Ag Innovation Challenge, Page 2

ArFB launches Online Store, Page 3

Pulaski Co. Farm Bureau Board

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Washington Co. Farm Friends | The Washington Co. Farm Bureau Women’s Leadership Committee recently hosted a Farm Friends event at the county fairgrounds. More than 700 parents and children attended the event that featured educational displays, farm animals, wool spinners, sheep shearing, food and more.

APPLY

FOR FARM BUREAU AG INNOVATION CHALLENGE BY MAY 12

The American Farm Bureau Federation, in partnership with Farm Credit, is seeking entrepreneurs to apply online for the 2024 Farm Bureau Ag Innovation Challenge. Now in its 10th year, this national business competition showcases U.S. startup companies developing innovative solutions to challenges faced by America’s farmers, ranchers and rural communities.

Farm Bureau is offering $165,000 in startup funds throughout the course of the competition, which will culminate in the top 10 semi finalists teams competing in a live pitch competition in front of Farm Bureau members, investors and industry representatives at the AFBF Convention in January 2024 in Salt Lake City, Utah.

Applications remain open through May 12, and the 10 semi finalist teams will be announced Sept. 12. Each of the semi finalist teams will be awarded $10,000 and a chance to compete to advance to the final round where four teams will receive an additional $5,000 each. The final four teams will compete to win:

• Farm Bureau Ag Innovation Challenge Winner, for a total of $50,000

• Farm Bureau Ag Innovation Challenge Runner-up, for a total of $20,000

• People’s Choice Team selected by public vote, for an additional $5,000 (all 10 semi final teams compete for this honor)

Prior to the live pitch competition, the top 10 teams will participate in pitch training and mentorship from Cornell University’s SC Johnson College of Business faculty, and network with representatives from the Agriculture Department’s Rural Business Investment Companies.

Entrepreneurs must be members of a county or parish Farm Bureau within their state of residence to qualify as top 10 semi finalists.

Applications must be received by 11:59 p.m. Eastern Daylight Time on May 12.

Service Award

Billy and Lucy Sharp (seated) were presented a plaque in appreciation for 40 years of service to the Benton County agricultural community at the April county meeting by Benton Co. Farm Bureau President Charlie Coffelt (left). The Sharps were also gifted a framed photo of the War Eagle Mill to recognize the major role the couple has played in developing and supporting the Arkansas landmark over the years.

ARKANSAS FUTURE AG LEADERS TOUR OFFERS OPPORTUNITIES FOR COLLEGE STUDENTS

For Arkansas college juniors and seniors studying agriculture-related majors, the Future Ag Leaders Tour provides a first-hand look at careers in the agriculture industry.

The Arkansas Future Ag Leaders Tour, which runs May 15-19, is a program of the Cooperative Extension Service, part of the University of Arkansas System Division of Agriculture.

Undergraduate juniors and seniors enrolled in colleges of agriculture or pursuing agriculture-related majors within the state of Arkansas can register for the tour at uada. formstack.com/forms/aragleaders. There are 50 spots available and there is no cost for participants thanks to the program’s sponsors, including the Arkansas Farm Bureau Foundation, Arkansas Corn and Grain Sorghum Board, the Arkansas Soybean Promotion Board and the Division of Agriculture.

On May 15, participants will gather at the C.A. Vines 4-H Center in Little Rock for a day of team building and professional development training. This will include interview skills, resume building, a lesson on Human

A r FB LAUNCHES ONLINE STORE

Arkansas Farm Bureau has launched an online merchandise store.

For the first month, the store is open for pre-orders and inventory changes will be made to meet your purchase preferences. If you have any questions or ideas on additional items not included in the store at launch, contact Autumn Wood, autumn.wood@arfb. com. You can see the store here, happy shopping!

You may still order special request items directly from Jenkins Enterprises by reaching out to Kassi Duncan at kassi@jenkins-enterprises.com.

Resources and related topics for first-time employment — such as benefits, retirement and tax deductions — as well as professional communication.

During the rest of the week, students will travel on a chartered bus across the state, visiting major employers in Arkansas agriculture in several cities. Throughout the experience, students will receive leadership training and insight from the many businesses and organizations.

Participants will visit with federal and state entities, including the Arkansas Department of Agriculture, Natural Resources Conservation Service and the Division of Agriculture. They will also meet with advocacy, policy, and finance groups such as Arkansas Farm Bureau, Farm Credit, and the National Agricultural Law Center. On the final day of the tour, students will spend the day at the Arkansas Electric Cooperative Corporation offices in Little Rock.

For more information, visit the Cooperative Extension Service’s Arkansas Future Ag Leaders page, or contact Julie Robinson at jrobinson@uada.edu.

Urbana Farmstead Receives Grant | Urbana Farmstead of Little Rock has been awarded a $25,000 grant from the Simmons Bank Foundation to support its Root of Change Program for youth. The grant will allow Urbana Farmstead to increase the capacity of the current program and expand farming and cooking opportunities provided to low-income families in southeast Little Rock. Urbana Farmstead is owned and operated by Margie Raimondo, a Pulaski Co. Farm Bureau Board Member.

MARKET NEWS

as of April 26 , 2023

Contact Brandy Carroll 501-228-1268 brandy.carroll@arfb.com

Rice

Rice futures have been working higher thanks to a bullish Supply/ Demand report this month. USDA cut the all-rice carryout estimate for 2022/23 by 8 million cwt to 28.1 million cwt. 6 million cwt was longgrain, while 2 million was medium/ short-grain. The average on-farm price estimates were unchanged, with the long-grain price pegged at $16.90. Old crop futures remain at a large premium to new crop. July futures are building resistance at $17.50, with additional resistance at $18. September futures have resistance at $15.50 and $16, with support at $14.50. Farmers have made significant planting progress in the past week-total planted acres increased 13% from last week, with 51% of the crop now planted in the United States. This is 26% ahead of last year’s progress, and 14% ahead of the five-year average. In Arkansas, 51% of the crop has been planted, which is up from 33% last week and ahead of the five-year average of 32%.

Cotton

Cotton futures have moved from setting new 6-week highs to 4-week lows in the past week. A lack of demand continues to plague the cotton market as export sales continue to lag. Planting has reached 12% completion, a 4% increase from last week and on par with last year's progress. Futures now have support at the March low of 76.34¢ for July and 77.56¢ for

December. Arkansas has planted only 5% of its cotton crop, but this is ahead of the five-year average of 1%. After last year’s generational drought, West Texas is forecasted to receive some rain.

Corn

New-crop corn futures are trading at 12-month lows as farmers make good progress with this year’s crop. 14% of the crop is already in the ground, up from 8% last week and 7% at this time last year. The planting process is currently 3% ahead of the five-year average of 11%. Looking ahead corn planting progress is likely to slow down as more rain is expected in the Midwest. However, there is still plenty of time to get the crop in the ground. If conditions remain favorable, we could see more acres shift out of soybeans and cotton and into corn. Expect prices to continue to move lower if that occurs.

Soybeans

New-crop soybean futures are locked in a downtrend. Brazil is dominating export markets for the time being. Disappointing U.S. export movement is resulting in sales falling even further behind the pace needed to meet the USDA export forecast of 2.015 billion bushels. Soybean farmers are making good progress with the crop, with 9% of the planting completed for 2023. That’s an increase of 5% from last week and in line with the five-year average. In Arkansas, 34% of soybean planting has been completed, which is 23% higher than last year and 19% higher than the five-year average of 15%. Just like corn, planting progress is weighing on soybean prices. However, the record-setting Brazilian crop is more to blame. This Brazilian crop could affect the soybeans currently in storage.

Wheat Chicago wheat futures are locked in a downtrend. Demand for U.S. wheat is in the doldrums, with Russia dominating the market. USDA is reporting 57% of the Arkansas wheat crop is in good to excellent shape while only 5% is very poor to poor. Winter wheat ratings for the U.S. dropped to their lowest figure on record on Monday’s Crop Progress report. Good to excellent ratings fell 1% from last week to 26%.

Hogs

Hog futures continue to trade near contract low levels. Both cash hog prices and wholesale pork prices are weak, and it is impacting futures markets. Wholesale pork prices are lagging significantly behind values this time last year. The composite cutout value is down 28% and belly cutout values are over 50% below last year. In the recent USDA Cold Storage report, pork belly stocks in cold storage are up 35% from a year ago and are at near 3-year highs. The most active June contract is establishing support near $84.65. Resistance begins at $90.

Cattle

The rally in cattle futures has stumbled as the June contract charted a downward key reversal last week. Follow-through weakness has been limited, but the chart looks like a top has been confirmed. The April 1 cattle on feed report added to the negative undertone. The total inventory was 4% below 2022, but that total was above industry expectations. March placements totaled 1.99 million head, down 1% from last year, but again, above industry expectations.

EDITOR

Ashley Wallace ashley.wallace@arfb.com