Emotion was high as farmers gathered in Chicago over the weekend for the 110th Annual Meeting of the Illinois Farm Bureau (IFB). President Brian Duncan and Vice President Evan Hultine expressed frustration with the American Farm Bureau Federation (AFBF) over the ongoing membership dispute.

Unraveling the Turmoil at the Illinois Farm Bureau Annual Meeting

Leadership Replacement Attempt

During Monday's business meeting, some members' distrust of state leadership became evident. Ben Hugenberg from Adams County moved to amend the agenda, seeking to add new business for the removal and replacement of Duncan and Hultine. However, outside counsel Paul Winters and parliamentarian Nancy Sylvester determined the motion was "out of order" as 20 days' written notice to the membership is required. A motion to appeal the decision led to over two hours of tense procedural discussion and a secret paper ballot vote. After the ballots were tallied, it was announced that the prevailing side agreed with the chair's ruling that the vote on removing the president was out of order and would not be placed on the agenda. The delegate body decided that the president and vice president would remain in their roles for the second year of their two-year terms, and the rest of the meeting continued shortly before lunch. In other action, four of the nine district directors up for reelection did not win their races. New district directors were elected in Districts 6, 8, 12, and 14. District directors also sit on Country Financial's board of directors.

Vice President as IFB Employee

Later in the meeting, two bylaw changes were proposed. The first was a proposal from the IFB board to reclassify the vice president as a part-time employee, allowing IFB to compensate the vice president via a salary instead of a per diem. Jennifer Vance, IFB general counsel, explained that Iowa Farm Bureau was under audit by the Internal Revenue Service and there was a provision indicating that anyone who is an officer of the organization and doesn't provide minimal services or is only paid for expense reimbursement must be classified as an employee. The IFB board had already voted to reclassify the position starting January 1, 2025. A delegate questioned why the board was putting the cart before the horse and not allowing delegates to vote. Vance responded that they had to follow the law regardless of the bylaws. The proposal was defeated with just 38% support. In a press conference immediately following the annual meeting, Duncan expressed confidence in "other options." He said they would analyze what options they had the next day, as they are an organization that follows the law and would look for a way to comply with both the law and the bylaws. He had smart people working on the issue.

Shorter Officer Terms

Secondly, a proposal from Kane County to reduce the terms of the president and vice president to one year effective in 2025 was presented. A Kane County delegate explained that IFB leaders were elected annually before 1994, and the terms were extended to two years due to the time elections consume. However, there have only been five contested elections over the last 30 years, making the argument for the two-year term moot. Most counties elect their leaders annually, added the Kane County delegate. A Tazewell County delegate spoke against the proposal, saying a lot of time would be spent on campaigning and it would change how one could do their job. Another delegate echoed that a person with two years to work could get things started and be more likely to complete them and that they were pushing for betterment for the Illinois Farm Bureau. They all needed to come together and do what was best for the organization. A Clark County delegate responded that the issue was accountability, as many felt left out and ignored. They needed to listen more when up for election every year. The proposal to shorten the terms of the top IFB leadership positions was defeated with just 34% support.

In the world of commodity trading, soybean and grain futures have been experiencing some interesting movements. Overnight trading saw soybean futures moderately higher, while grains took a dip. This comes as investors are squaring positions ahead of the USDA's monthly World Agricultural Supply and Demand Estimates (WASDE) report, which is expected to be uneventful.

Stay Informed on Soybean and Grain Market Trends

Soybean Futures: A Mixed Picture

During overnight trading on the Chicago Board of Trade, soybean futures for January delivery gained 2 3/4¢ to $9.92 3/4 a bushel. Meanwhile, soymeal added $2.30 to $291.90 a short ton, and soybean oil was down 0.69¢ to 42.11¢ a pound. These fluctuations highlight the dynamic nature of the soybean market.There is anticipation surrounding the USDA's November projections for soybean inventories. According to a Reuters poll, soybean inventories at the end of the 2024-2025 marketing year on Aug. 31 are likely to be forecast at 469 million bushels, slightly lower than the previous projection of 470 million bushels.

Grains: A Tale of Contrasts

Corn futures for March delivery fell 3/4¢ to $4.41 a bushel. Corn stockpiles at the end of August are expected to be seen by the USDA at 1.906 billion bushels, down from the previous outlook of 1.938 billion bushels.Wheat futures also showed some movement. For March delivery, wheat futures lost 3 1/4¢ to $5.55 1/4 a bushel, while Kansas City futures were down 3 1/4¢ to $5.55 1/2 a bushel. Wheat inventories at the end of the grain's marketing year on May 31 are likely to be pegged at 814 million bushels, compared to the month earlier projection of 815 million.

Weekly Corn Inspections: A Sign of Activity

Inspections of corn for overseas delivery have shown an improvement week to week. In the seven days through Dec. 5, corn inspections rose to 1.05 million metric tons, up from 948,812 tons a week earlier and significantly above the 725,330 tons assessed during the same week last year. This indicates a growing demand for corn in the international market.Since the start of the marketing year on Sept. 1, USDA has inspected 12.1 million metric tons of corn for overseas delivery, which is a notable increase from 9.19 million tons during the same timeframe last year.

Wheat and Soybean Inspections: A Mixed Trend

Inspections of soybeans for export fell to 1.62 million tons, down from 2.11 million tons the week prior. However, it still remains above the 999,790 tons inspected at the same point in 2023. This shows a slight slowdown in soybean exports but still maintains a relatively healthy level.Examinations of wheat since the start of the grain's marketing year on June 1 are now at 11.2 million tons, up from the 8.63 million tons assessed at this point in 2023. This indicates a positive trend in wheat inspections.

Snow Showers in Nebraska and Iowa

According to the National Weather Service, scattered snow showers are forecast for parts of eastern Nebraska and western Iowa this afternoon. The snow may last into the overnight hours, with winds expected to gust close to 40 mph and visibility dropping to less than a mile. Accumulations are expected to amount to an inch or two.The weather service warns that "Snow amounts will generally remain under an inch, though could quickly accumulate and make roads slick." In addition to the snow and strong winds, temperatures will quickly fall well below freezing later this evening, potentially resulting in flash freezing of roadways that don't see snow accumulations initially.