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Commodity Communicator Weekly

June 8, 2012

ARKANSAS FARM BUREAU FEDERATION 2012 SUMMER DIVISION MEETING SCHEDULE

Rice   June 18  Rice Research & Ext. Center – Stuttgart
10:00 AM   Brandy Carroll
Soybeans June 18   Rice Research & Ext. Center – Stuttgart  10:00 AM   Brandy Carroll
WFG 
June 18  Rice Research & Ext. Center – Stuttgart  10:00 AM   Matt King
Cotton June 19 
 Conference Call   8:00 AM  Gene Martin
Aquaculture  June 21   Conference Call   1:00 PM  Gene Martin
















JUNE MARKET UPDATE WEBINAR
Date: Tuesday, June 12, 2012
Time: 8:30 am, Central Daylight Time (Chicago, GMT-05:00)
Meeting Number: 576 956 055


June Market Update Conference Instructions

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To join from your Computer
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1. Copy the link below into you web browser
https://arfb.webex.com/arfb/j.php?ED=193607242&UID=1288353782&PW=NNmI0YzU0ZmJk&RT=MiM3
2. Enter your name and email when prompted
3. If you are asked, enter the meeting password: JMU12
4. Click "Join Now".
5. Say Yes or OK to any boxes which pop up
6. When asked to connect enter your phone number area code first
7. Then you are connected

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To join from your iPhone - First download WebEx App to your phone
(Available at the App Store)
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1. Click the link below
https://arfb.webex.com/arfb/j.php?ED=193607242&UID=1288353782&PW=NNmI0YzU0ZmJk&RT=MiM3
2. The program will automatically call you back
- Answer the call and follow the instructions
3. Once connected to the meeting, go back to main screen click the WebEx Ap
4. Now you will be receiving the presentation as well as the audio

or

1. Open the app
2. Enter Meeting Number: 576 956 055
3. Enter Password: JMU12
4. Click Join
5. The program will automatically call you back
- Answer the call and follow the instructions
6. Once connected to the meeting, go back to main screen click the WebEx Ap
7. Now you will be receiving the presentation as well as the audio

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To join from your Blackberry - First download WebEx App to your phone
(Available at the Blackberry – App World)
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1. Open the app
2. Enter Meeting Number: 576 956 055
3. Enter Password: JMU12
4. Click Join
5. The program will automatically call you back
- Answer the call and follow the instructions
6. Once connected to the meeting, go back to main screen click the WebEx Ap
7. Now you will be receiving the presentation as well as the audio

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For assistance
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1. Go to https://arfb.webex.com/arfb/mc
2. On the left navigation bar, click "Support".

IMPORTANT NOTICE: This WebEx service includes a feature that allows audio and any documents and other materials exchanged or viewed during the session to be recorded. By joining this session, you automatically consent to such recordings. If you do not consent to the recording, discuss your concerns with the meeting host prior to the start of the recording or do not join the session. Please note that any such recordings may be subject to discovery in the event of litigation.


WINNERS OF STATE DAIRY FOODS CONTEST. . . . .The State Dairy Foods Contest was held June 6, 2012, at the Arkansas State Fairgrounds.  We would like to congratulate the following winners, and thank everyone who participated in this year’s contest.

Party Ideas

1.    Alexis Looper of Sebastian County with Vanilla Cupcakes with Strawberry Cream Filling and Cream Cheese Icing
2.    Zoie Finley of Izard County with Cherry Cheesecake in a Jar
3.    Aaron Doss of Carroll County with Bavarian Torte
4.    Savannah Adams of Jackson County with Savannah’s Cupcake Catastrophe

Main Dish

1.    Ashton Yarbrough of Benton County with Chicken Chili Lasagna
2.    Grace Harris of Sevier County with Loaded Baked Potato Soup
3.    Stephanie Williams of White County with Cheesy Hawaiian Sandwich
4.    Layne Kelley of Greene County with Santa Fe Chicken Fajita Soup


USA RICE FEDERATION RESPONDS TO CME GROUP ANNOUNCEMENT ON PROPOSED RICE CONTRACT CHANGE. . . . .The CME Group announced this week its intention to increase the storage charge that approved regular rice warehouses may charge holders of outstanding warehouse receipts.  The proposed change, pending Commodity Futures Trading Commission (CFTC) approval, would increase the current charge of 10 cents per hundredweight to 12.5 cents per hundredweight starting Sept. 18.  This change is the result of significant outreach and information gathering by the CME since late last year.

"We in the rice industry are pleased that the CME Group has decided to pursue at least one change to the rice contract in an effort to improve convergence and performance of the contract," said John Owen, Louisiana rice producer and chairman of USA Rice Federation's Rice Futures Contract Working Group. The increased focus and attention to the need to address convergence issues in the rice futures contract is largely a result of efforts by the USA Rice Federation's Rice Futures Contract Working Group, chaired by Owen.  "Our goal is to have a well-functioning, liquid futures contract for rice that meets the risk management and price discovery needs of all industry participants," Owen said.  The importance of this is increasing as commodity markets become more volatile and as more Federal farm and risk management policies are built around the futures prices for commodities.

"We look forward to seeing this initial change implemented, and tracking what impact it has on the contract performance," he said.  "Our industry remains open and interested in considering other potential changes -- delivery territory expansion and delivery instrument -- but we believe it is important to proceed methodically and with caution so as to not disrupt the rice contract.  Anything that drives out market participants will only weaken the contract and decrease the market liquidity, which would be harmful to all industry participants."
 

U.S. EXPERIENCED WARMEST SPRING ON RECORD. . . . .This spring was the warmest on record in the United States, reports the National Oceanic and Atmospheric Administration. The warm spring also contributed to the warmest 12-month period on record, and the warm spring came on the heels of the historic 2011 drought that ravaged the southwest.
For the year ended May 31, every state in the contiguous U.S. had above-average temperatures except Washington, which was near normal. Forty-two states had top-10 warmest springs, with the period setting records in 31 states
The spring of 2012 was 5.2 degrees warmer than average, and that is the largest temperature variance for any season on record. According to NOAA’s State of the Climate report, the average temperature for the contiguous U.S. during May was 64.3 F, 3.3 F. above the long-term average, making it the second warmest on record. NOAA’s records date back to 1895.


FOUR MRBI WETLANDS RESERVE ENHANCEMENT PROGRAM PROJECTS SELECTED IN ARKANSAS
. . . . .Arkansas landowners in portions of 18 counties have until June 18 to apply for financial assistance to improve wetlands through the Mississippi River Basin Watershed Initiative (MRBI) Wetlands Reserve Enhancement Program (WREP).

To see the list of eligible counties, click on the following link:
UofA H2O Sustainability - NRCS WREP Deadline


AGREEMENT ON FARM DUST AND PARTICULATE MATTER PROPOSAL
. . . . .The Environmental Protection Agency (EPA) is in the process of reviewing and possibly revising the national ambient air quality standard (NAAQS) for particulate matter as part of the normal five-year review cycle; this includes a review of coarse particulate matter, which includes farm dust.  The review was due in October 2011, but EPA had indicated that it would have the review completed by August 2012.  Several environmental organizations filed suit to require that it be completed sooner.

The EPA had sent a proposed rule to the Office of Management and Budget on May 29 for interagency review.  At a hearing on the lawsuit held on May 31, Judge Wilkins of the D.C. District Court ruled that EPA had to propose a rule by June 7.  In response to the order, the plaintiffs and EPA reached a settlement that would require a proposed rule by June 14 and a final rule by December 14.  That would mean that the farm dust proposal would come out next week, two months earlier than expected.  The court is expected to approve the settlement.


MARK-UP FOR CLEAN WATER GUIDANCE LEGISLATION SCHEDULE
. . . . . The House Transportation and Infrastructure Committee marked up H.R. 4965, a bill to preserve existing rights and responsibilities with respect to waters of the United States, on Thursday.  This legislation is a bipartisan attempt to stop the Environmental Protection Agency (EPA) from finalizing the Clean Water Act (CWA) guidance document or using it as a basis for regulation.

The Guidance drastically changes the EPA’s CWA programs and expands the agency’s ability to regulate waters traditionally managed by the state.  Farmers and ranchers will face significantly more federal regulatory and permitting burdens, compliance costs, delays, and constraints on use of land for economically productive activities. Farm Bureau strongly supports this legislation.


CORN WEBINAR THURSDAY AT 11:00 AM. . . . .Recordings of the weekly corn producer webinars are available online at http://www.arfb.com/media-communications/webex/default.aspx  The first two webinars covered fertilizer timing, nutrient deficiencies, insect threats and more.  The series will continue throughout the growing season on Thursdays at 11a.m.  To join the conference, follow the instructions below:

You have 3 options to join:
Option 1:  Download Webex Ap and Join from Smartphone or Tablet
             Click the link: https://arfb.webex.com/arfb/j.php?ED=198284012&UID=0&PW=NMzEzZTJkMmI3&RT=MiM3
            OR
            Open the Ap: Enter Meeting Number: 572 822 694 and Password: WCPU12
Option 2:  Call 1-877-668-4490
            enter Meeting Number/Access Code: 572 822 694
            when asked for attendee ID press #

Option 3:  Join from Computer  
            Click the link: https://arfb.webex.com/arfb/j.php?ED=198284012&UID=0&PW=NMzEzZTJkMmI3&RT=MiM3
            Enter your name and email when prompted and click "Join Now".
            Say Yes or OK to any boxes which pop up
            Click Join using computer or enter your phone number area code first to have Webex call you back


GENERAL MOTORS PRIVATE OFFER. . . Members can save $500 on qualifying 2011/2012 model year Chevrolet, GMC or Buick vehicles. Complete details at http://www.arfb.com/member_services/gm/


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