Arkansas
Arkansas’ rice crop poised for back-to-back years of expansion – Talk Business & Politics
Arkansas’ rice crop rebounded in terms of acres in 2023, with farmers adding 327,000 more acres than they planted in 2022. The U.S. Department of Agriculture (USDA) reported that the 1.41 million acres harvested in the state last year was roughly half the rice grown in the country.
During the past decade or more, it has been rare for Arkansas rice producers to have back-to-back years where the rice crop expanded. But there’s a good possibility that will happen in 2024, Riceland Foods Vice President of grain sales and procurement Grayson Daniels told Talk Business & Politics.
“The weather has to cooperate. That’s the first thing,” he said. “It definitely looks like we will have a bigger crop this summer if the weather holds.”
The USDA forecasted that growers produced 107 million hundredweight of rice last year, a 33% increase when compared to the 80.3 million hundredweight produced in 2022. The rice yield for 2023 was forecasted at 7,550 pounds per acre, up 140 pounds from the previous year.
Milled rice exports were up 18% last year and total rice exports that include milled and rough rice were up 12%, Daniels said. Early estimates are that export numbers will be as good or exceed those numbers this year, he said.
There are several positive and negative factors that will have an impact on prices and production this year. The El Nino weather pattern has wreaked havoc in several parts of the world, causing potential problems for rice growers in other countries and to this point it has had very little impact in Arkansas, he said. India placed a moratorium on exporting its domestic rice crop, which means there’s less competition for U.S. growers in export markets.
The U.S. export market has remained strong during the last year, and that could continue through 2024, he said. Another positive indicator for the country’s rice market is that worldwide stocks from companies that are involved in the rice industry finished lower in 2023.
There are other reasons to think the rice market might be bearish this year, too, he said. Larger crops could lower yields and create more supplies, he said. The U.S. dollar has been strong and historically that hasn’t always been good for agriculture commodities. At some point during the next year, it’s likely that India will lift its export ban. And weather can always have an impact at any given time, Daniels said.
Another potential impact could come from the state’s most widely grown crop, soybeans. Since 2022, U.S. soybean production has been down by about 3% overall, Daniels said. This year there could be an increase in production, and if that’s the case in Arkansas, some farmers may choose to dedicate more acres to that crop, he said.
There are several reasons to think soybean production will be up this year, he said. First, the country’s production has been down the last several years so at some point a rebound is likely. Second, the weather has been bad in Brazil during its growing season. Brazil is the top soybean grower in the world, producing 160 million metric tons during its last growing season, according to the USDA. That accounted for 43% of all global production while the U.S. finished second at 31%.
There are a few reasons, however, why the U.S. soybean market might be down, Daniels said. First, an increase in domestic supplies could drive prices down. Second, the largest importer of soybeans in the world, China, prefers South American soybeans. Third, world stock markets could rise and that might have a negative impact on domestic soybean prices.
Despite all the potential machinations with agriculture commodities markets, Hunter Biram, extension economist for the University of Arkansas System Division of Agriculture, said rice is one of the least risky crops for farmers to grow in terms of production. According to metrics he developed, soybeans are four times riskier to grow than rice from a production standpoint. Corn and cotton are both twice as risky to produce.
“Rice has the lowest yield risk of any crop,” he said.
Rice is the most consumed food in the world. Roughly half the world’s population eats rice on a regular basis. Last year more than 540 million metric tons of rice was consumed, according to the USDA. About 4.6 million metric tons was consumed in the U.S. and most of that rice came from domestic sources.
The crop is mainly grown in the Mississippi Delta region, and most of the rice grown there is of the long-grain variety. Medium and short grain varieties are grown in California.
Rice has been grown in the South since it was first brought to South Carolina in the 1600s. Rice was grown in small amounts in Arkansas as early as the 1840s, according to the Encyclopedia of Arkansas. Mass production of the crop started after 1902 when Lonoke County farmer William Fuller sparked interest in the crop after he set up an experimental farm in Carlisle.
The crop is grown in 40 of the state’s 75 counties. The vast majority is produced in Arkansas’ Delta Region in eastern and southern parts of the state.
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Arkansas
Arkansas Athletics, CommunityAmerica Credit Union launch multi-year partnership including Razorback Stadium naming rights
FAYETTEVILLE, Ark. – The University of Arkansas Department of Athletics has signed a long-term partnership with CommunityAmerica Credit Union, marking a significant step in the credit union’s growing commitment to Northwest Arkansas. Facilitated by Learfield and Razorback Sports Properties, Donald W. Reynolds Razorback Stadium will become CommunityAmerica Razorback Stadium beginning with the 2027 football season.
Rooted in more than 85 years of helping individuals and families achieve financial peace of mind and building on a 65-year legacy of service in Arkansas, CommunityAmerica is excited to engage with Razorback fans and support the communities they call home.
“This is so much more than a name on a stadium. It’s about becoming part of the Razorback Nation experience and helping fans, students, student-athletes and the communities we and the university serve,” said Lisa Ginter, Chief Executive Officer of CommunityAmerica Credit Union. “Our members are at the heart of everything we do and when we evaluate partnerships like this, it starts with what matters most to them. The University of Arkansas is a powerful source of pride and connection for people across the state and in many of our markets. This partnership underscores our long-term commitment to Northwest Arkansas, where we look forward to growing our presence and helping more families achieve financial peace of mind. We’re already deepening our roots with plans for a campus location and several new branches throughout the region.”
The multi-phased partnership extends beyond naming rights and designates CommunityAmerica as the Official Credit Union of Arkansas Athletics. CommunityAmerica will also serve as an official sponsor of Arkansas Athletics, supporting student-athletes and fans alike. The comprehensive partnership will also include the rebranding of the SEC Club inside Razorback Stadium as the CommunityAmerica Club, where fans enjoy premium amenities on gameday. As part of the agreement, CommunityAmerica will engage directly with Razorback student-athletes providing Name, Image and Likeness (NIL) opportunities, valuable financial education and programs to help them succeed both on and off the field.
“We are thrilled to welcome CommunityAmerica Credit Union as the Official Credit Union of Arkansas Athletics as one piece of a partnership that will benefit our student-athletes, fans and the state of Arkansas for years to come,” said Hunter Yurachek, Vice Chancellor and Director of Athletics at the University of Arkansas. “Our vision in the Department of Athletics is to be our best and CommunityAmerica’s commitment to excellence as a trusted, people-driven financial institution mirrors that same vision. This partnership is just getting started but its impact will help shape our future.”
Beginning with the 2027 football season, the partnership will expand into its second phase with the naming of CommunityAmerica Razorback Stadium and the launch of CommunityAmerica Razorback Checking, Debit and Credit Cards.
With a legacy of serving members across Arkansas and nationwide, CommunityAmerica is ranked among the most trusted and innovative credit unions in the country and among the largest in the Midwest. CommunityAmerica is excited to engage and serve Razorback fans and members more deeply with a variety of financial products and services that align to their passion for the University.
“Our members are proud of where they live and what they stand behind, and for so many in Arkansas and across our shared communities, that means being part of Razorback Nation,” Ginter said. “As we look ahead to launching Razorback-branded products in 2027, we’re excited to offer experiences that celebrate that pride, strengthen relationships and deliver meaningful value for the people and communities we serve.”
“This is a historic partnership featuring an innovative brand with a passion and proven track record of supporting their community, paired with one of the leading college athletics programs in the country,” said Allison Fillmore, Senior Vice President, Business Development at Learfield. “Learfield and Razorback Sports Properties are excited to collaborate with Arkansas Athletics, which will enhance fan and student-athlete experiences for years to come.”
Razorback Sports Properties is the locally based Learfield team that is the exclusive multimedia rights holder for Arkansas Athletics and oversees all sponsorship agreements on behalf of the Razorbacks.
About the University of Arkansas Department of Intercollegiate Athletics
The University of Arkansas Department of Intercollegiate Athletics pursues its vision to “Be Our Best” while developing 465+ student-athletes into Razorbacks and Champions for Life. As members of the Southeastern Conference (SEC), the Razorbacks consistently compete at the nation’s highest levels while proudly representing the University of Arkansas and the entire state. Arkansas has established itself as one of the most competitive programs in the nation, winning nine NCAA titles and over 50 SEC Championships in recent years.
About CommunityAmerica Credit Union
CommunityAmerica Credit Union is a not-for-profit financial institution committed to helping members get on a path to thrive and achieve financial peace of mind. Founded in 1940, and with Arkansas roots dating back to 1968, CommunityAmerica has grown to meet the evolving financial needs of its members. With nearly $10 billion in assets and more than 600,000 members, the credit union is ranked among the nation’s 50 largest credit unions. It is the largest credit union in Arkansas, Kansas, and Missouri, and one of the largest financial institutions with expanding operations in Northwest Arkansas. CommunityAmerica offers a full suite of financial products and services for individuals and businesses, including checking and savings, mortgages, loans, commercial banking, wealth management, retirement planning, and insurance. Federally chartered, CommunityAmerica serves members across multiple markets nationwide with branch locations in Arkansas, California, Kansas, Missouri, Nevada, Tennessee, and Texas. Learn more at CommunityAmerica.com.
About Learfield
Learfield is the leading media and technology company powering college athletics. Through its digital and physical platforms, Learfield owns and leverages a deep data set and relationships in the industry to drive revenue, growth, brand awareness, and fan engagement for brands, sports, and entertainment properties. With ties to over 1,200 collegiate institutions and over 12,000 local and national brand partners, Learfield’s presence in college sports and live events delivers influence and maximizes reach to target audiences. With solutions for a 365-day, 24/7 fan experience, Learfield enables schools and brands to connect with fans through licensed merchandise, game ticketing, donor identification for athletic programs, exclusive custom content, innovative marketing initiatives, NIL solutions, and advanced digital platforms. Since 2008, it has served as title sponsor for the acclaimed Learfield Directors’ Cup, supporting athletic departments across all divisions.
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