Farm Bureau Press | July 21

Farm Bureau Press

ARKANSAS AG INNOVATION CHALLENGE

A payday for Arkansas Ag innovators comes just in time for Christmas. Cash prizes totaling $15,000 await top ag startup businesses during Arkansas Farm Bureau’s state convention Nov. 29-Dec. 1 in Little Rock. The new ‘Ag Innovation Challenge’ is administered by Arkansas Farm Bureau Federation in partnership with Farm Credit Associations of Arkansas.

“The business can be anything that helps ag business, any ag innovation,” says ArFB’s Philip Powell. Powell, who serves as Director of Local Affairs and Rural Development, Public Affairs and Government Relations, was thrilled when the ArFB state board approved the program April 19. Powell worked for a start-up ag business in Alabama two years ago that competed in the American Farm Bureau’s Ag Innovation Challenge.

Arkansas’ contest winner receives $7,500 this first year. Runner-up takes $5,000 and a ‘People’s Choice’ award winner claims $2,500. The ‘People’s Choice’ winner can also be the first place or runner-up winner. Entrepreneurs entering the contest must be 18 and Farm Bureau members. Applicants who are not Farm Bureau members can join a state Farm Bureau arfb.com/join.

Applications call for inclusion of various information regarding an applicant’s business plan, photos and a video pitch. The business must be forprofit. Judges review applications to select the winner and runner-up. The application window opens soon and closes Oct. 9.

"THE BUSINESS CAN BE ANYTHING THAT HELPS AG BUSINESS, ANY AG INNOVATION"

THE CHANGING LANDSCAPE: EVERYTHING AG EMPLOYERS SHOULD UNDERSTAND ABOUT FARM LABOR LAW

The National Ag Law center is hosting a webinar 11 a.m. Aug. 9 on Farm Labor Laws for agricultural employers.

In April 2023, according to USDA’s annual Farm Labor report, there were 651,000 workers employed directly by farms and ranches, up 5% from the same week in 2022. Labor costs for those hired workers, according to data from the 2017 Census of Agriculture, account for 12 percent of production expenses for farms. However, that number was significantly higher for more labor-intensive businesses such as greenhouse and nursery operations (43%), and fruit and tree nut operations (39%). From any perspective, hired laborers are an important component to agricultural production, and it is essential that agricultural employers are familiar with laws and regulations relevant to those employees.

Discussion will include several major topics of immediate and national interest:

• Staffing solutions to labor shortages in the agricultural industry;

• OSHA compliance concerning heat related illnesses;

• Wage and Hour compliance and the rapidly changing pace of misclassification, plaintiffs suits and changes to the adverse effect wage rate;

• Employment eligibility verification compliance and updates to Form I-9 and federal E-Verify programs;

• Agricultural employers and their interactions with pregnant employees;

• Agricultural employers and their relationship with student workers, child labor and interns; and

• Agricultural employers and their obligation to yield to religious accommodations in view of recent Supreme Court precedent.

Register online here.

FEDERAL CROP INSURANCE CORPORATION TO HOST STAKEHOLDERS LISTENING SESSIONS

The Federal Crop Insurance Corporation (FCIC) is hosting listening sessions and requesting public input about prevented planting provisions of the Common Crop Insurance Policy (CCIP), Basic Provisions. The Arkansas session will be held Aug. 3 at the University of Arkansas Rice Research and Extension Center, following the field day.

Prevented planting is a feature of many crop insurance plans providing payment to cover certain pre-plant costs for crops prevented from being planted due to an insurable cause of loss. FCIC is interested in public input on the following:

• Additional prevented planting coverage based on harvest prices in situations when harvest prices are higher than established prices initially set by FCIC prior to planting;

• The requirement that acreage must have been planted to a crop, insured, and harvested, in at least 1 of the 4 most recent crop years;

• Additional levels of prevented planting coverage;

• Prevented planting coverage on contracted crops;

• And other general prevented planting questions. Stakeholders are invited to respond to this request for information or to participate in the listening session(s).

AUG 3. RICE FIELD DAY TO COVER PRODUCTION, PESTS AND POLICY

From production to policy, the 2023 Rice Field Day will hit all the big topics for Arkansas rice growers, consultants and agriculture professionals.

The field day, hosted by the University of Arkansas System Division of Agriculture, will be held at the Rice Research and Extension Center, located at 2900 Arkansas Highway 130 in Stuttgart. There is no cost to attend, and registration opens at 7 a.m.

The field day will include two field tours that run simultaneously, starting at 7:30 a.m., and again at 9:30 a.m. Topics include:

Field Tour A

• Rice Breeding Updates

• Current Issues in Rice Insect Management

• Agronomy

• Rice Pathology

Field Tour B

• Rice Weed Control Update

• Soil Fertility

• Foundation Seed Update

• Germplasm Evaluation and Disease Resistance

Luncheon Session

• Introduction

• Crop Overview

• Rice Policy Update

• Division Update

More information about the event can be found online.

YF&R Regional Meeting | White Co. Young Farmers and Ranchers (YF&R) hosted a regional YF&R meeting. ArFB Vice President of Commodity and Regulatory Affairs John Bailey covered the policy development process. More than 50 members from seven counties attended.

Ag

The

Committees recently joined together to purchase 15 safety seats through Arkansas Farm Bureau's Car Safety Seat program. The seats were donated to the Together We Foster program. WLC chair Brittany Barnes presented the seats to Together We Foster's Lindsay Roberts.

Ag Experience | Sharp Co. Farm Bureau was at the Sharp Co. Fair this year with the ArFB dairy cow. Attendees of all ages got the chance to milk a ‘cow’ and learn more about Arkansas Agriculture.

Experience |

Craighead Co. Women’s Leadership Committee (WLC) and Young Farmer & Rancher (YF&R)

MARKET NEWS

as of July 19, 2023

Contact Brandy Carroll brandy.carroll@arfb.com

Tyler Oxner tyler.oxner@arfb.com

Livestock and Poultry

In the July Supply/Demand report, USDA raised its forecast for red meat and poultry production for 2023 on higher beef, broiler and turkey production. Only the pork production estimate declined on lower projected slaughter totals in the second and third quarters. Producers are indicating intentions to lower farrowings in the second half of 2023 and early 2024. Egg production was also raised for the second quarter. 2023 cattle and hog price forecasts were raised from last month on firm demand and relatively tight supplies. Broiler and turkey prices for 2023 were reduced on current prices and forecasts for higher production.

Live cattle futures continue to trend higher, despite some negative chart action in the form of bearish key reversals in deferred contracts. The weakness was short-lived. October needs to close above resistance at $184.35 in order to open further upside potential. Hog futures are moving in a mostly sideways pattern. Continued strength in cash hog and wholesale pork prices remains supportive despite the fact that product prices have likely made its seasonal top.

Dairy

USDA didn’t change the 2023 milk production forecast in the monthly supply/demand report. The forecast for 2024 was lowered on lower cow inventories and slower growth in milk per cow numbers. As a result of lower Class III and Class IV prices, the 2023

all-milk price forecast was lowered to $19.55 per cwt. For 2024, the Class III milk price is forecast lower, but the Class IV price forecast was unchanged. The all-milk price forecast was lowered to $19.10 per cwt.

Rice

September futures have rallied back from a six-week low over the past few sessions. However, between fundamental factors and overhead technical resistance at $15.86, the upside is likely limited. The fundamental situation for the rice market is a mixed bag. Strong Asian prices are somewhat supportive as it makes our rice more competitive. However, weekly export sales reported last week were only 4,000 metric tons. That is not nearly enough to keep pace with the USDA forecast. The July supply/demand report projects larger supplies but also larger exports and domestic use that results in slightly lower ending stocks. The long grain average on-farm price was lowered 50¢ from the June report to $14.50 and the medium grain on-farm price was pegged at $16. The rice crop conditions have improved a bit. In Arkansas, 68% of the crop is rated good to excellent, and 22% of the crop is headed.

Cotton

Cotton futures continue to trend higher, but December has run into resistance at 83¢. Weak exports are a factor, as traders focus on the Chinese economy. The monthly supply/demand report was bearish as well. Beginning stocks were raised 50,000 bales due to lower 2022/23 disappearance. Exports for 2023/24 were reduced 250,000 bales due to reduction in projected world trade and U.S. market share. Despite planted acres being down 169,000 acres from last year, harvested acres are projected to be up 117,000 acres as beneficial rains in West Texas improve crop conditions there. Total production is pegged at 16.5 million bales. The projected upland on-farm

price is pegged at 76¢/lb, down a penny from the June report. USDA says 45% of the crop is in good to excellent condition nationwide, while in Arkansas, 69% of the crop is rated good to excellent, 93% of the crop is squaring, and 61% is setting bolls.

Soybeans

The July supply/demand report was not at all what the market was expecting. USDA left its yield estimate at 52 bushels per acre. Harvested acres were decreased 4 million acres, but domestic crush was reduced by 10 million bushels and exports were reduced by 125 million bushels. The net result was a carryout estimate of 300 million bushels for 2023/24. The on-farm price forecast was up 30¢ from last month at $12.40/bushel. All that said, it seems like the market wasn’t really buying it. 55% of the crop is rated good to excellent, and many analysts do not think a 52 bu/ac national average is achievable. November continues to trend higher, setting a new 6 month high this week. The next level of resistance is at the December high of $14.27¾.

Corn

USDA says that corn acreage totals 94.1 million acres across the U.S., and that the average yield will be 177.5 bu/ac. Total production is pegged at 15.32 billion bushels and total supply is pegged at 16.747 billion. Carryover is projected to be 2.262 billion bushels, and the average on-farm price is forecast at $4.80 per bushel. 57% of the crop is rated good to excellent this week. Futures have been on a roller coaster ride, with traders taking over a dollar off the market in a few short days. December has found support at $4.81 and bulls are trying to build off that level.

EDITOR

Ashley Wallace ashley.wallace@arfb.com