Farm Bureau Press | August 18

Farm Bureau Press

2023 ARKANSAS FARM BUREAU CONVENTION & TRADE SHOW FARMERS MARKET

ArFB has announced its 89th Annual Arkansas Farm Bureau Convention Trade Show, an event that celebrates the very best of Arkansas agriculture and craftsmanship. This year, there will be a new addition: the Farmer's Market, sponsored by the Arkansas Department of Agriculture's Arkansas Grown and Arkansas Made initiative.

There is no cost to participate, however, space is limited.

To qualify, products must be 100% grown or made in Arkansas. Vendors are invited to join in displaying a diverse array of offerings, from fresh produce and delectable jellies to delightful jams, baked goods, and even crafts.

The event will take place at the Statehouse Convention Center in downtown Little Rock on Nov. 29–30. The goal is to shine a spotlight on the exceptional talents of Arkansas farmers, ranchers, and producers, creating a vibrant showcase of our state's agricultural expertise.

Those interested can apply online by Sept. 1. Applications will be reviewed by an independent committee and approved participants will be notified by email from Arkansas Farm Bureau by Sept. 15. Guidelines for participants can be found here.

For questions, contact John McMinn at john.mcminn@arfb.com or by phone at 501-228-1267.

Arkansas Farm Bureau Tee Shirt Design Contest, Page 2

Arkansas Agriculture Has Moved Online, Page 3

Arkansas Catfish Month | Arkansas Catfish Promotion Board Chairman Steve Kueter joined agriculture leaders and industry partners in declaring August as Arkansas Catfish Month. The proclamation highlighted the state’s catfish industry and the value it contributes to Arkansas’s economy. Representatives from The Catfish Institute, Catfish Farmers of Arkansas, Catfish Promotion Board, Arkansas Farm Bureau, and other agriculture industry stakeholders attended the event.

ARKANSAS FARM BUREAU

T-SHIRT DESIGN CONTEST

Arkansas Farm Bureau is hosting a T-shirt design contest with the theme "Breaking New Ground." Not only will the winning design be featured on a T-shirt, but the artist's name will also be highlighted at the 89th Annual Arkansas Farm Bureau Convention.

Young artists from freshman in high school to a senior in college are encouraged to participate.

Design Guidelines

• Must include agriculture theme.

• The ArFB logo will be placed on the front and the back of the Tee shirt, and can be added by the state office at a later date.

• Design must be one color.

• Digital Designs: Must be in high resolution and be submitted as a .jpg, png, .pdf, .ai or .psd file.

Eligibility/Entry

There is no entry fee to submit a design. Multiple designs per contestant are eligible for submission but must be entered separately. A parent, grandparent or guardian must submit designs for those under the age of 18. Those submitting designs must be an Arkansas Farm Bureau member.

To enter the contest, simply submit designs online by Oct. 1. Entries will be reviewed and a winner will be announced Oct. 10.

By submitting a design, entrants are agreeing to all contest rules and guidelines. For questions, please email autumn.wood@arfb.com.

Watermelon Day | The Farm Bureau Center celebrated watermelon day with watermelons courtesy of Hempstead Co. Farm Bureau. Agency Manager Reed Camp and his staff cut and served fresh melon to Federation and Insurance employees on the front lawn of the building.

TRUTH IN ADVERTISING: NALC WEBINAR TO DISCUSS ALTERNATIVE ENFORCEMENT METHODS

Claims about misleading food advertising are typically made to federal agencies, the courts, or the manufacturer, but there is another avenue – BBB National Programs' National Advertising Division, a nonprofit organization that provides information and ratings on businesses and charities.

In the United States, the Food and Drug Administration and the United States Department of Agriculture have primary responsibility for regulating packaging and point-of-purchase advertising for food sold in retail establishments. Food labeling laws and regulations also cover the claims made through product marketing. If false or misleading claims are made, complaints may be made to entities within the government or to organizations that provide self-policing for food and agriculture companies.

“Companies can use the National Advertising Division process by filing challenges to advertisements on NAD’s online portal and paying the fee,” said Counsel Kim Bousquet of Davis Wright Tremaine LLP. “NAD offers a fast-track option for single, well-defined issues, a standard track option for typical challenges, and a complex track for challenges that require complex claim substantiation.”

The Better Business Bureau says NAD is an industry-led system designed to build consumer trust in advertising and support fair competition in the marketplace.

Bousquet and Alli Condra, also an associate at Davis Wright Tremaine LLP, will be discussing several highprofile examples of how food and agriculture companies use NAD, as well as various components of the organization. They’ll place this in context through an overview of federal food requirements during the NALC’s upcoming webinar, “How Food and Ag Companies Can (and Do) Use the National Advertising Division to Combat Unfair Competition and Test the Waters of Emerging Issues.”

The webinar will be held at 11 a.m. on Wed., Aug. 16. The webinar is free of charge and registration is online.

ARKANSAS AGRICULTURE HAS MOVED ONLINE

Arkansas Farm Bureau’s previous magazine Arkansas Agriculture is now online. The move was made in an effort to create a news source for Arkansas farmers and ranchers that will stay up-to-date and host resources for the state’s number one industry. While many have missed the Arkansas Agriculture magazine, industry members can now find the latest news and resources for the ag industry online.

Policy Development Meeting | Boone Co. kicked the area policy development season by hosting a regional meeting with 10 counties represented with around 60 people in attendance.

MARKET NEWS

as of August 16, 2023

Contact Brandy Carroll brandy.carroll@arfb.com

Tyler Oxner tyler.oxner@arfb.com

Corn

Corn futures moved lower following the most recent WASDE and Crop Conditions report. The projected production for the 2023/24 season stands at 15.1 billion bushels, showing a decline of 209 million compared to the July estimate. If realized, this would be the second-highest production on record. The anticipated yield is 175.1 bushels per acre, a decrease of 2.4 bushels from the previous months projection. Export expectations for 2023/24 have been lowered by 50 million bushels, now at 2.1 billion. With supply declining more than usage, ending stocks have been revised downward by 60 million bushels, reaching 2.2 billion. Consequently, the average price received by corn producers for the season is increased by 10 cents, totaling $4.90 per bushel. The U.S. corn crop's condition has improved by 2% from 57% to 59% rated as Good/Excellent, while the crop condition in Arkansas witnessed a 4% decline week over week, now at 69% rated as Good/Excellent.

Soybeans

The August Supply and Demand report indicated higher initial stocks and reduced projections for production and exports in the 2023/24 season. Soybean production is expected to amount to 4.2 billion bushels, down by 95 million due to lower yields. The first survey-based forecast for the season anticipates a yield of 50.9 bushels per acre, marking a decrease of 1.1 bushels compared to the previous month. Soybean supplies are projected to decrease by 2% from the previous year, reaching 4.5 billion bushels for the 2023/24 season. As a result of

decreased exports owing to lower supplies, ending stocks are projected at 245 million bushels, a reduction of 55 million from the previous month. The reported U.S. soybean crop condition has seen a 4% improvement week over week, with 59% of the crop being rated as Good/Excellent. In Arkansas, however, soybean conditions have deteriorated by 5% week over week, now standing at 67% rated as Good/ Excellent.

Wheat

Following the most recent WASDE and Crop Conditions report, wheat futures trended downward. The wheat outlook for the U.S. in the 2023/24 season involves a decrease in supplies, a minor decrease in domestic consumption, lower exports, and higher ending stocks. Projected production is set at 1,734 million bushels, down by 5 million compared to the previous month's estimate, thereby reducing overall supplies. The average yield for all wheat was revised downward by 0.3 bushels to 45.8 bushels per acre. The projected ending stocks for 2023/24 have been raised by 23 million bushels to 615 million. The anticipated seasonaverage farm price for 2023/24 remains unchanged at $7.50 per bushel.

Rice

In the Aug. 1 production report, USDA pegged the rice crop at 203.640 million cwt, up another 2.6 million cwt from the previous report. Projected all-rice carryout was increased to 31.2 million cwt from 29.6 million. The market reaction to the reports was muted, however, since it’s no surprise that we have a bigger crop this year. The longgrain average farm price was increased by $1/cwt to $15.50/cwt. Harvest is now underway, with Louisiana and Texas sitting at 61% and 40% harvested respectively. In Arkansas, we have just begun, with 2% harvested as of Aug. 13. Crop condition ratings have dropped off sharply in recent weeks, with only 69% of Arkansas’s crop rated good to excellent. September futures have some support at the recent low of $15.36. Futures have already violated the uptrend and harvest pressure could

limit the upside for the time being.

Cotton

The cotton market has seen strong gains as fundamentals continue to change. In the August report, USDA cut more than 2.5 million bales off the production forecast and cut harvested acreage by 910,000 acres. That leaves a production estimate of 13.99 million bales produced on 8.62 million acres. That is an average U.S. yield of just 779 lbs/ac. Old crop carryout was raised to 3.7 million bales, and exports were cut to 12.5 million. The net result was 23-24 carryout projected at 3.1 million bales, down from 3.8 million in the previous forecast. The U.S. seasonaverage price for upland cotton was up 3¢ to 79¢/lb. The crop condition continues to deteriorate, with only 36% of the crop in good to excellent condition. December has charted a new 11-month high in recent days, at 88.83¢.

Cattle

After posting strong gains in recent weeks, cattle futures have settled into a more sideways trading pattern. Cash markets are expected to remain steady to higher as the overall outlook is for U.S. cattle supplies to continue to contract. Despite higher prices, beef demand is strong. In the most recent supply/demand report, USDA lowered its forecast for 2023 beef production. 2024 production is projected to be down 6.7% from 2023.

Hogs

Lean hog futures appear to have topped. Recent trading has been volatile, with October futures falling to new 6-week lows and testing resistance just above $78. October is discounted more than $22 from the cash index as it becomes the lead contract, suggesting there could be some upside potential as traders roll positions.

EDITOR

Ashley Wallace ashley.wallace@arfb.com