FarmLink announces new benchmarking tool
To create the TrueHarvest Benchmark, FarmLink data scientists use more than 500 million micro-fields, or 150 square foot areas, made up of many variables across weather, soil, topography, and more. This establishes a data set of more than 600 billion data elements from millions of acres. That core data is being used to benchmark 67 billion micro-fields in the United States, which create the performance range for every micro-field on every field in any portfolio of corn, soybean and wheat fields in the United States. The result is a unique and precise understanding of the performance range of comparable land in comparable conditions for that season.
“Individual data elements don’t give farmers a comprehensive comparison. When that data is combined and analyzed creating benchmarks at the field, zone and micro-field levels, farmers can plan smarter and and objectively measure the results of those plans,” said LeMay. The Benchmarks identify revenue improvement opportunities by comparing actual yield to the Benchmarks.
“Until now, farmers had no way to know whether their yields – high or low – were representative of top performance,” said Scott Robinson, President of FarmLink. “Now farmers can increase, decrease or change inputs based on where they see the greatest potential, and judge the value of these input changes year over year.”
“Predictive analytics will fundamentally reinvent agriculture and FarmLink has enormous advantages in this area due to its data collection process, analytical approaches and impartial position in the market. These are key ingredients for providing the necessary accuracy to benchmark farmland accurately and identify year-over-year yield improvement,” said Roy Lowrance, Managing Director of New York University’s Center for Data Science.
To develop the TrueHarvest Benchmark, FarmLink has invested more than $50 million over the past four years. Future TrueHarvest tools will allow farmers to use the Benchmark information to make better informed decisions about inputs, including seed and fertilizer from multiple providers, and see at a glance which combination would perform best on which parts of a farm. The TrueHarvest crop management series will provide real time alerts, satellite imaging during the growing season, and more. FarmLink also plans to introduce risk management services that will help farmers maximize the price they realize for their crops.
“Farmers will be increasingly challenged to improve productivity and FarmLink's agronomic benchmarking is a huge step forward in understanding performance with amazing accuracy and granularity. The tools that have been developed will permit farmers to make increasing wise decisions impacting their financial performance. Such tools and independent advice are exactly what farmers need to improve their game,” said Moe Russell, Co-Founder and President of Russell Consulting Group.
The TrueHarvest Benchmark will be available for corn and soybeans, starting with Iowa, and will rollout through the end of April for the remaining states, with wheat to follow. Farmers can sign up at http://www.mytrueharvest.com/ for their TrueHarvest Benchmark and to receive updates on rollout. Additional information about TrueHarvest is available at http://www.farmlink.com/.
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