Farm Bureau Press | March 3

Farm Bureau Press

A PEEK INSIDE

ARKANSAS FARM BUREAU 2023 FARMERS DAY AT THE CAPITOL

The 2023 Arkansas Farm Bureau Farmers Day at the Capitol was held March 1 with more than 200 Arkansas farmers and ranchers in attendance. Attendees had to opportunity to share obstacles and opportunities for the state’s farmers and ranchers while earning a better understanding of the legislative process. Photos of the event can be found on page 3.

A r FB SEES HOUSE BILL 1336 THROUGH THE SENATE

Elementary Agriculture Education, House Bill 1336 passed the Senate Education Committee March 1, which was, not coincidentally, Farmers Day at the Capitol. The bill now heads to the Senate floor.

The bill will create and implement an Elementary Agriculture Education pilot program in the state of Arkansas. ArFB and the Department of Education will create and implement a fact-based agriculture education curriculum to be taught in grade schools.

ArFB Foundation Partners to help Feed Hungry, Page 2

The Arkansas Farm Bureau Foundation is excited to be partnering with the ArFB State YF&R and Women’s Leadership Committees to launch the new Hunters Feeding the Hungry Program. Arkansas Farm Bureau along with county Farm Bureaus have been working to fight food insecurities in our state for many years, through local and statewide monetary and food donations. This program is another great way to continue our efforts of feeding hungry Arkansans.

The ArFB Foundation is excited to join Arkansas Hunters Feeding the Hungry in their newest endeavor, the Wild Game Snack Sticks Program. This program provides shelf stable meat snack sticks to schools for their backpack programs, to provide a protein option for students.

The ArFB Foundation has set aside $25,000 to match tax-deductible donations made by county Farm Bureaus, individuals and other. These funds will then be donated to the AHFH organization on behalf of all donors. Money donated to the ArFB Foundation, earmarked for the Hunters Feeding the Hungry Program, will be donated to the AHFH organization on your behalf.

Farmers Day at the Capitol Photos,

Page 3

Donations can be made by mail to Arkansas Farm Bureau Foundation, P.O. Box 31, Little Rock, AR 72203 or by scanning the QR code to visit our online giving page. Please make note that the donation is for the Hunters Feeding the Hungry Program This program is another way to continue our efforts of feeding hungry Arkansans. Scan to donate online

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Rep. Bruce Cozart (left) and ArFB Education Coordinator Lindsey Rucker testifying in front of the House Education Committee.

Discussion Meet Winner | Hannah Harrison, a sophomore agriculture student at North Arkansas College (Northark) competed against students from across the state to take the top honor in the Discussion Meet competition during the Young Farmers & Ranchers Conference held recently in Little Rock. She will go onto compete at nationals next February in Louisville, Ky.

A r FB FOUNDATION PARTNERS TO HELP FEED HUNGRY

The Arkansas Farm Bureau (ArFB) Foundation is partnering with the ArFB State YF&R and Women’s Leadership Committees to launch the new Hunters Feeding the Hungry Program. ArFB along with county Farm Bureaus have been working to fight food insecurities in the state for many years, through local and statewide monetary and food donations.

Arkansas Hunters Feeding the Hungry (AHFH) is in their 22nd year of helping feed hungry Arkansans. They provide wild game meat to food pantries across the state. The ArFB Foundation will join AHFH in its newest endeavor, the Wild Game Snack Sticks Program. The program provides shelf stable meat snack sticks to schools for their backpack programs, to provide a protein option for students.

The ArFB Foundation Board of Directors recently approved a $25,000 donation to the Arkansas Hunters Feeding the Hungry organization. In addition to the donation, $25,000 has been set aside to match donations made by county Farm Bureaus, individuals and other entities.

To participate, county Farm Bureaus can make a taxdeductible donation to the ArFB Foundation. Donations earmarked for the Arkansas Hunters Feeding the Hungry Program, will be donated to the AHFH organization on your behalf. Donations can be made by mail to Arkansas Farm Bureau Foundation, P.O. Box 31, Little Rock, AR 72203 or by visiting our online giving page.

Fore more information, contact Amanda Williams at amanda.williams@arfb.com or 501-228-1493.

Washington Co. Legislative Breakfast | Members of the Washington Co Farm Bureau Board recently visited with representative Chad Puryear prior to a Legislative Breakfast. Other legislators present included Sen. Greg Leding and Rep. David Whitaker.

(From left) Justin Reynolds, ArFB Organization and Member Programs Vice President; Amanda Williams, Arkansas Farm Bureau Foundation Director; Ronnie Ritter, Hunters Feeding the Hungry executive director; Kathy Ritter, AHFH volunteer; Grant Westmoreland, AHFH the Hungry board member; Matt King, ArFB Senior Vice President and Rich Hillman, ArFB President.

Union Co. Legislative Meeting | Union Co. Farm Bureau Board members and the Women’s Leadership Committee recently met with Union County legislators, city officials, and state legislators for a breakfast.

AMERICAN

FARM

AG INNOVATION CHALLENGE

BUREAU

The Farm Bureau Ag Innovation Challenge is a national business competition that showcases U.S. startups developing innovative solutions that address challenges facing America’s farmers, ranchers and rural communities. Now in their tenth year, the American Farm Bureau Federation in partnership with Farm Credit, are looking to identify the top entrepreneurs who are addressing both traditional challenges farmers face on their operation, such as access to labor, optimizing yield and reducing operating costs, to entrepreneurs who are addressing new challenges facing farmers and rural communities.

Farm Bureau will award $165,000 in startup funds to 10 businesses, culminating at a live pitch competition and networking event at the AFBF Convention in January 2024 in Salt Lake City. The Ag Innovation Challenge Winner will be awarded $50,000 in startup funds provided by our sponsors.

Prizes

Farm Bureau will award $165,000 to 10 businesses:

• $50,000 will be awarded to the 2024 Ag Innovation Challenge Winner

• $20,000 will be awarded to the 2024 Ag Innovation Challenge Runner-Up

• $15,000 will be awarded to two finalist teams

• $10,000 will be awarded to six semi-finalist teams

• Additional $5,000 to the People's Choice Team (chosen by public vote; all 10 teams are eligible)

Program

Ten startup businesses, selected by Farm Bureau and the Farm Credit Rural Investment and Innovation Workgroup, will compete at the AFBF Convention in January 2024 as semi-finalists. These 10 businesses will each be awarded $10,000.

The semi-finalist teams will compete at the AFBF Convention Jan. 19, 2024, to advance to the final round where the four finalist teams will receive an additional $5,000 for a total of $15,000. The final four teams will compete live in front of Farm Bureau members, investors and industry representatives to win:

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

• Ag Innovation Challenge Runner-Up, for a total of $20,000

Apply online or contact aginnovation@fb.org for more information.

FAULKNER COUNTY FARM BUREAU ADDS NEW LOCATION

Farm Bureau Insurance recently broke ground on a branch office in Greenbrier, designed to deliver convenience for its members in northern Faulker County.

Faulkner County Farm Bureau President Chris Schaefers, state board member Joe Thrash and agency manager Todd Smith were among those involved in the groundbreaking ceremony, which took place Feb. 24.

The 2,975 square feet building will sit just a block east of Hwy. 65, near the Greenbrier Post Office, at 21 Business Park Drive. Contractors hope to have the office open for customers by late July.

Baxter Co. Ag Student | The Baxter Co. Farm Bureau Board and Young Farmers and Ranchers (YF&R) Committee recently announced Jayden Dutcher as its February Ag Student of the Month recipient. Jayden is the daughter of Tiffani Cowart and a member of the Cotter FFA Chapter. The award is sponsored by the Baxter Co. Farm Bureau Board of Directors, the YF&R Committee and Orscheln Farm & Home (Tractor Supply & Co.). Pictured (from left) are Becky Wilson, Baxter Co. agency manager; Jeremy Welch, Orscheln Farm & Home store manager; Jauden Dutcher, and Hannah Walker, YF&R Committee Member.

MARKET NEWS

as of Feb. 28 , 2023

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

Corn

Both old and new crop corn futures have sold off sharply since last week’s Ag Outlook Forum, where USDA updates its projections for the upcoming crop. The projections are not survey-based, but based upon weather forecasts, price trends, etc. The first survey-based report will be the Prospective Plantings report released on March 31. They projected a trendline yield of 181.5 bushels per acre as the drought in the midwest has eased over the winter. Total production is estimated to be 15.085 billion bushels. The average on-farm price for the 2023 crop is estimated to come in at $5.60, down $1.10 from the 2022 crop. Carryout is projected to be 1.887 billion bushels. Export inspections for the week ending Feb. 23 were only 22.5 million bushels. That was down slightly from the previous week and significantly from the year go total of 61.2 million bushels. Cumulative marketing year export inspections are down 38.3% from a year ago. Technically, old-crop May has support at the December low of $6.36¾. Below that, there is little support above the $6 level. New-crop December is in position to test support near $5.60 after falling through previous support at $5.75 earlier in the week.

Cotton

USDA pegged cotton seedings at 10.9 million acres, reflecting an expected shift away from cotton and into corn throughout the MidSouth. That estimate is not surveybased, though. The National Cotton

Council recently released the results of its 2023 grower survey, which revealed that farmers intend to plant 11.2 million acres of upland cotton. That’s down 17.3% from 2022, but significantly higher than the USDA estimate. Arkansas farmers reported planting intentions are down 17.7% from last year. It is worth noting, though, that with a more average abandonment rate, the 2023 crop could still be bigger than the crop in 2022, which saw sharply higher abandoned acres. The market reacted sharply to the initial USDA numbers, and the weekly export report, which showed 425,300 bales sold. That was up 97% from the prior fourweek average. The upside has been limited, however, and December has resistance at 85¢ and at 87¢.

Rice

Rice futures have charted significant losses in recent weeks, taking over $1.50 off the market in short order before retracing a portion of those losses early this week. For the 2023/24 outlook, USDA pegged acreage at 2.5 million, up close to 13% from the previous year. All rice production is projected to be 185 million hundredweight, up 15%. Average yields were estimated to be 2% higher than last year at 7,523 lb/acre. The all-rice season average farm price for 2023/24 is projected to be down $1 from 2022/23 at $18.40/cwt. Soft export demand and expectations of a larger crop have resulted in the recent weakness. There has been some support from firm Asian prices.

Soybeans

Soybean futures are under pressure as Brazil harvests a big crop. Strength in the dollar has also been a negative as it makes U.S. commodities less competitive. USDA has pegged soybean seedings at 87.5 million acres, which is unchanged from last year but over a million acres below average trade guesses. Total production for 2023/24 is projected

to be 4.5 billion bushels, up 5% from a year earlier, mostly due to a yield forecast of 52 bu/acre. Soybean crush is projected to set a record at 2.31 billion bushels, supported by meal demand growth and high prices for biofuel feedstocks in the U.S. Ending stocks for 2023/24 are projected to be 290 million bushels, up 65 million from the 2022/23 forecast. The season average farm price is projected to be $12.90/ bushel. Technically, May futures have broken out of their up-trend and are in position to test support around $14.70. December has also violated the up-trend and has support just above $13.30.

Cattle

Live cattle futures continue to trend higher. Strength in the cash cattle market has been supportive. The February Cattle-on-Feed report was also supportive, pegging the Feb. 1 feedlot inventory at 95.9% of the year ago total. Both the Feb. 1 inventory and the January placement totals were at the low end of trade expectations, while January marketings were at the high end of expectations. That all combines to underscore the relatively tight cattle supply outlook. Technically, the June contract charted a bearish reversal late last week, but there has been very little follow-through selling. A close below $160 would signal further losses, though.

Hogs

Hog futures are under pressure from weak pork prices and packer margins. Some seasonal strength should come into play soon, though. June futures have established resistance at $106, and looks to be headed for a retest of support at $98.57½.

EDITOR

Ashley Wallace ashley.wallace@arfb.com