FarmLink announces new benchmarking tool
FarmLink, a leader in independent data-driven agribusiness tools, announced the launch of TrueHarvest, the new benchmarking tool that for the first time accurately shows farmers the full range of performance potential for fields, down to a 150 square foot micro-field. The TrueHarvest Benchmark will be available for corn, soybean and wheat fields in the United States, with rapid international expansion anticipated.
American farmers could have produced approximately 1.6 billion more bushels of corn and 250 million more bushels of soybeans in 2013, realizing approximately $11 billion in additional revenue, if performing equal to the 75th percentile compared to their peers, according to the new TrueHarvest Benchmark.
Corn production in Iowa alone could have increased by approximately 11%, creating an additional $1.1 billion in revenue, based on current market prices. Soybean production could have increased by approximately 10% in Iowa, creating an additional $560 million in revenue. Combined, for Iowa production alone, farmers could have seen approximately $1.6 billion in increased revenue. Extrapolated out to other grain producing states, American farmers could have seen approximately $11 billion in increased revenue.
“Based on the TrueHarvest Benchmark national estimate, corn and soybean farmers have the potential to boost production by $11 billion, and that is with today’s best practices. With tools like the TrueHarvest Benchmark and others under development, far more is possible,” said Ron LeMay, Chairman of FarmLink. “By analyzing billions of data elements, TrueHarvest offers a never-before-seen view of a farm’s performance ranges – at the field, zone and micro-field levels. Knowing where the true potential lies, farmers can make better investment decisions by focusing time and resources where the greatest opportunity exists.”
As part of FarmLink’s commitment to farmers, as the product rolls out, every farmer in America can sign up and gain access to his 2013 field-level Benchmark at the 95th percentile for all his fields, free of charge.
When farmers purchase the TrueHarvest Benchmark, they receive all their 2013 Benchmarks, 2014 Benchmarks, a Micro-Field Reader to measure yield at the micro-field level, Gap Maps and tools to identify revenue improvement opportunities. FarmLink believes in shared success with farmers, therefore the TrueHarvest Benchmark price is calculated as approximately one bushel of corn equivalent per acre. This will include an up-front deposit plus a payment at Fall settlement.
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