Farm Bureau Press | May 13

MAY 13, 2022 | VOLUME 25 | ISSUE 10

Farm Bureau Press A PEEK INSIDE

PITCHFORD NAMED EVP AT ARKANSAS FARM BUREAU Jeff Pitchford has been named as Arkansas Farm Bureau’s executive vice president. The organization’s board of directors voted May 5 to elevate Pitchford to the organization’s top position, replacing Warren Carter, who previously announced his retirement, effective May 31.

Gov. Hutchinson Announces Appointments to Agriculture Boards and Commissions, Page 2

Arkansas Farm Bureau’s executive vice president serves as the chief executive officer, manages the staff functions for the organization and reports to the board of directors.

Pitchford has spent the past eight years as director of state affairs in the Public Affairs and Government Relations department, where he was part of lobbying efforts with the state’s general assembly. Before coming to work at ArFB, Pitchford worked for more than 14 years at the University of Central Arkansasas, ending his tenure as vice president for University Relations.

He also worked in the Huckabee administration as Director of Rural Services.

Jeff Pitchford

“Jeff has a special set of experiences that will benefit Farm Bureau,” said Rich Hillman, a farmer from Carlisle who serves as president of Arkansas Farm Bureau. “His work as a lobbyist, his tenure Warren Carter within higher education and his time as a state department head will help him lead Arkansas Farm Bureau.

“The challenge of our organization is to help ensure that farmers and ranchers are an engaged part of our organization. Their input and involvement are critical to our continued success as an advocate and voice for agriculture.”

Proposed SEC Rule Could Reach Nearly Every Farmer and Rancher, Page 3

FOLLOW US ONLINE

GET THE LINKS Scan the QR code to access direct links referenced in each article.

Continued on page 2

A PUBLICATION OF THE ARKANSAS FARM BUREAU FEDERATION

PITCHFORD NAMED ArFB EVP

Continued from page 1

A native of Mountain Home, Pitchford received an undergraduate degree in public administration from the University of Central Arkansas in 1991.

He also earned a master’s degree from the University of Arkansas at Little Rock in 1994.

“Jeff understands the grassroots nature of this organization,” Hillman said.

“He is committed to ensuring that Farm Bureau remains relevant as an advocate for our state’s farmers and ranchers as well as a champion for the rural communities of our state.

“While there are fewer farmers than before, there is not less farming. The issues affecting agriculture are more significant than ever, as government support decreases and regulation increases. We are confident that Jeff can ensure that Farm Bureau always delivers on our mission to be the voice of Arkansas farmers and ranchers.”

“The work of the Arkansas Farm Bureau is important and meaningful,” said Pitchford. “Our work paves the way for a more successful agriculture industry. That is personal to me and those who represent the Farm Bureau.

I am humbled by the trust the board of directors has demonstrated with this decision.”

Carter, outgoing EVP, announced his plan to retire at the end of May. He has served in the position for six years.

Carter led the organization’s commodity and regulatory affairs division for 13 years prior to being named EVP in 2016.

“Warren Carter is Farm Bureau through and through. He has lived out the mission of the organization, which is to improve the quality of life for Arkansas farmers and ranchers and the rural communities of our state,” said Hillman. “His commitment to the core values of this organization, his passion for people and his enabling management style won’t be easily replaced.

“Our membership is indebted to him for his dedication and commitment to agriculture.”

A native of Mantee, Miss., Carter earned undergraduate and graduate degrees in agricultural economics at Mississippi State University. He first joined ArFB in 1987 with responsibility for the wheat and feed grains, forestry and aquaculture commodity programs.

“This decision has been on my mind for some time,” Carter said. “After six years as EVP, and what will be 35 years with the organization by the time I retire, I feel I have completed the things needed of me. After many conversations with my wife Michele and a great deal of personal prayer and reflection, it was clear to me that this was, indeed, the right time to retire.

“I am excited because I know we have great leadership across our management team and coworkers throughout the organization. I have been fortunate to work with, and for, a great group of farmers and ranchers. It has been an honor and a privilege to work with great people in the noble efforts to advocate for Arkansas agriculture.”

2

A PUBLICATION OF THE ARKANSAS FARM BUREAU FEDERATION

GOV. HUTCHINSON ANNOUNCES APPOINTMENTS TO AGRICULTURE BOARDS AND COMMISSIONS On April 29, Gov. Hutchinson made appointments to several boards and commissions within the Arkansas Department of Agriculture.

The appointments are as follows: Arkansas Forestry Commission: David Cawein, Bella Vista. Term Expires Jan. 14, 2027.

Arkansas Agriculture Board Seth Summerside, Little Rock. Term expires Aug. 15, 2024.

Charles Metz, London. Term expires Aug. 15, 2025.

Jammy Turner, Gillett. Term expires Aug. 15, 2025.

Arkansas-Oklahoma Arkansas River Compact Commission James Mardis, Rogers. Term expires Feb. 1, 2026.

Commission on Waterwell Construction David Washington, Calico Rock.

Term expires Jan. 14, 2023.

Michael McDermott, Weiner. Term expires Jan. 14, 2025.

Ernie Pender, Texarkana. Term expires Jan. 14, 2026.

David Gilbert, Mena. Term expires Jan. 14, 2024.

Stephen Hunt, Maumelle. Term expires Jan. 14, 2025.

Find the full list of appointments here.

PROPOSED SEC RULE COULD REACH NEARLY EVERY FARMER AND RANCHER The American Farm Bureau Federation joined 119 other agriculture organizations in sending a letter to the Securities and Exchange Commission (SEC) asking for an extension of time to comment on its proposed rule, “The Enhancement and Standardization of Climate Related Disclosures for Investors.”

The SEC – whose primary purpose is to protect investors, maintain efficient markets and facilitate capital formation – now wants to require public companies to report data about their entire supply chain. Nearly every farmer’s and rancher’s products eventually touch a publicly traded company, meaning that farmers and ranchers could be forced to report personal information and businessrelated data. This unprecedented overreach could create onerous reporting requirements for even small farms and ranches with few or no employees.

Lee Co. Meet the Candidate | More than 100 people were at the Marianna Civic Center May 2 to meet candidates in the Lee County primary elections and hear their positions on matters of local importance. Lee County Farm Bureau, Armor Bank and Rotary International sponsored the event, and local farmer and Rotarian Steve Higginbotham served as moderator.

The proposed rule is 510 pages long with 1,068 technical footnotes and almost 750 direct questions, but the SEC has only allowed 39 days for review.

The proposed rule “may create multiple, new sources of substantial costs and liabilities,” the letter states.

“These include almost certain reporting obligations, technical challenges, significant financial and operational disruption and the risk of financially crippling legal liabilities.”

Read the full letter here.

Washington Co. Meet the Candidate | Washington County Farm Bureau Board’s and guests listened April 28 to county judge candidates before its regular board meeting. There were four candidates represented at the candidate meeting. Washington County insurance agents provided burgers for guests and the Women’s Leadership Committee provided deserts and side items.

ArFB FOUNDATION DONATIONS A Memorial or Honorarium donation to the Arkansas Farm Bureau Foundation is a great way to recognize someone for their involvement in agriculture in your community. Memorials are a way of paying tribute to the memory of a family member, county board member, a friend or a loved one, and an honorarium donation is a thoughtful way to honor or say “thank you” to a friend, family, colleague or community member.

By making a Memorial or Honorarium donation, your gift will honor a special someone, as well as supporting the ArFB Foundation.

You can make your donation today on our online giving page, by visiting the Foundation online giving page and selecting the Memorial or Honorarium Donation option.

Crawford Co. Fun on the Farm | More than 550 kindergarten students from Alma, Mountainburg, Mulberry and Van Buren had the opportunity to learn about agriculture during the 2022 Fun on the Farm event April 26-28 at the Arnold Family Farm north of Alma. Volunteers taught the children about poultry, seed germination, sheep, goats, bee keeping, strawberry farming, forestry, beef cattle and dairy.

A PUBLICATION OF THE ARKANSAS FARM BUREAU FEDERATION

3

MARKET NEWS as of May 11, 2022 Contact Brandy Carroll 501-228-1268 brandy.carroll@arfb.com

Cattle Cattle futures have been under pressure this week. Weak wholesale beef prices and rising U.S. interest rates were cited as reasons for the losses. Technically, the June contract looks very weak. On Monday, futures tested support near $131, and a close below that support could result in a retest of the October lows near $128.40. The October chart doesn’t look quite a worrisome, but the market does need to hold above support at $140. Feeder futures have been under pressure from weakness in live contracts, while losses in corn have limited selling somewhat.

October feeders have support at $173.

Cotton Both old and new cotton contracts soared to new highs last week and set a new 11-year high on a front month basis. The market turned lower on Friday, however, and has not been able to build much upward momentum. Follow through selling has been limited, though.

The continued drought in Texas has traders worried about the yield potential for the crop there. Export sales have improved, with USDA reporting net sales of 232,000 bales of the current crop, including 100,000 bales to China. New crop net sales totaled 93,000 bales, and shipments were robust at 426,000 bales. Arkansas cotton acres are expected climb 8% this year, to 520,000 acres, while the U.S. crop is pegged at 12.234 million acres, 4

up 9% from a year ago. Production could be impacted by drought in the Southwest. Nationwide, cotton farmers have seeded 24% of the crop, which is on pace with the 5-year average. Arkansas farmers, who have planted 32% of the crop, are ahead of the average pace of 24%.

Hogs Hog futures continue to trend lower.

Technically, June futures appear to have topped on March 31, charting a huge bearish reversal after setting a new contract high of $127.32½.

The market has violated long-term uptrending support and have been locked in a steep downtrend for the past couple of weeks. Futures are now testing support at the $100 level. Weak export sales are a major factor in the selloff. Exports are reportedly down over 25% from the same time period in 2021. China has been absent from the market, and a strong dollar has made U.S. pork more expensive on the world market. Hog supplies are expected to decline into summer.

Rice Rice futures are showing signs of topping after new crop September failed at resistance at $17.47. A close below $17 could open the possibility of a retest of support in the $16 area.

Rice acres in the state are currently pegged at 1.191 million, of which 1.080 million are expected to be long grain, with 110,000 acres of medium grain. That is down 2% from last year’s crop. The U.S. crop is expected to be 3% smaller. However, slow planting progress could result in an even smaller crop than anticipated.

As of May 8, Arkansas farmers had seeded 57% of the crop, compared with 75% a year ago and a 5-year average of 72%. With the final planting date for crop insurance coverage coming quickly, farmers will be faced with tough decisions in the next couple of weeks. Weekly

A PUBLICATION OF THE ARKANSAS FARM BUREAU FEDERATION

export sales were extremely disappointing at just 10,200 metric tons, and shipments of 34,100 metric tons, down 46% from the previous 4-week average.

Corn Corn futures are working in a sideways to lower pattern, but the longer-term uptrend remains intact for now. The market is focused on supply. The war rages on in Ukraine, and farmers there are running out of time to plant corn. In the U.S., the weather hasn’t cooperated, resulting in farmers at home running behind schedule as well. As of May 8, farmers in the U.S. had planted 22% of the crop, compared with a 5-year average of 50%. Nationwide, the crop is only expected to be down 4% from last year, with total acres pegged at 89.49 million, but if wet weather continues, it could be even smaller, as that is based upon a survey done in early March. Weekly export sales of 59.8 million bushels were within trade expectations, and shipments of 75 million bushels was supportive.

Soybeans November beans are looking toppy.

The market has violated the longterm uptrend and looks like a retest of support at $14 is a possibility.

2022 is projected to be a recordsetter for soybean production. The U.S. crop is pegged at almost 91 million acres, up 4% from last year.

In Arkansas, farmers are expected to seed 3.25 million acres to soybeans.

That’s 7% more acres than in 2021.

Planting delays in corn are bearish for soybeans, as the current weather makes it likely that the size of the soybean crop will be even larger than current projections.

EDITOR Ashley Wallace ashley.wallace@arfb.com