Thomson Reuters Data Share app will enable farmers to better market their products and plan their planting, and create a transparent and better-informed marketplace.
Forget the stereotype of the lonely farmer toiling away in a field disconnected from the world.
Today’s farmer is more likely to be packing a smart-phone filled with enough weather, financial and technology apps to put most millennials to shame.
Thomson Reuters new Data Share app was created for use by farmers and producers to contribute proprietary and primary location-based data around the crops they are growing.
The phone app enables farmers to confidentially share information on crop conditions, supply chain disruptions, pricing and other logistics of the business.
This granular level of information builds an incredibly detailed view of supply of various crops, which can then be analysed and shared as forecasts to customers operating in the financial markets via Thomson Reuters flagship desktop, Eikon.
Imagine farmers all over the globe uploading such data in real time, on a regular basis.
Commodities trading edge
Commodities markets are driven primarily by the dynamics of supply and demand, which ultimately affect price volatility. The more detail traders have around these dynamics, the more confidence they can have in building trading, hedging or procurement strategies. However, acquiring this data is difficult as it is both time-consuming and expensive.
Recognizing what crops are being grown, the quality of crops and potential size of harvest requires on-the-ground resource and an understanding of crop technology, management, disease and infestation, and differences in soil quality. Coupled with the constantly changing weather conditions, the agriculture market will have access to time-sensitive analysis that is crucial to building a credible picture of the overall market.
Increased knowledge leading to increased yields
In exchange for this market leading data, farmers are provided with high-level insight from a trusted source into the comparatively opaque markets in which they operate, helping them to better market their products and plan their planting based on reliable and trusted data that is gathered in an ethical and transparent manner.
Larry Winger, a farmer from Benton County, Indiana, explains, “Data sharing is going to allow us to compare data with farmers and industry all over the world. When I know the conditions of what’s going on in Argentina or Malaysia, I’m going to have a better handle on how to market my crops.”
We are just on the cusp of how technology is going to change agriculture in the next 20–30 years. We’ve gone from apples to iPads in my career – and that will only accelerate.
- Experience the 9billionbowls multimedia report.