Upstream Ag Professional - March 17th 2024
Upstream Ag Professional - March 17th 2024
Essential news and analysis for agribusiness leaders
Welcome to the 33rd Edition of Upstream Ag Professional
Thank you for your continued support of the newsletter!
Index for the week:
Bayer Crop Science 2023 Annual Report Highlights and Analysis
Dynamics of Data in Agriculture Highlights and Key Takeaways
Field Data Management Software: The backbone of ag tech adoption
Artificial Intelligence in Agriculture
Yield maps killed agtech software, can AI fix it?
Bayer pilots unique generative AI tool for agriculture
Introducing INNOVA, a New Data Modeling Tool From INTENT That Gives Users a Glimpse Into the Future: Precision decision and what it means for agribusiness professionals
7 Technology Trends Ag Retailers Need To Know
Break Down The Barriers In The Biological Space: Why We Need to Stop Needlessly Over Complicating Biologicals
New report: Agrifoodtech startup investment drops 50%, accounts for just 5.5% of global VC dollars
Ever.Ag Acquires Adapt-N® from Yara North America
Compeer Financial® Partners with Bushel® to Improve Digital Experience for Ag Lending
Audio Summary
Strategy & Artificial Intelligence
Other Ag Articles
1. Bayer Crop Science 2023 Annual Report Highlights and Analysis - Upstream Ag Professional
Index for the Highlights and Analysis available at the above link.
Introduction and Capital Markets Day 2024
Texas Two-Step and Bayer Assets
Bayer Crop Science 2023 Financial Results and Financial Scorecard
Research and Development, Innovation and Partnerships
Capital Expenditure
Areas of Business Expansion
Final Thoughts
2023 was a challenging year for Bayer Crop Science— While they had revenue gains in geographies like Europe, Middle East, Africa and Asia/Pacific, the Crop Science business fell by 3.7 percent to €23.27 billion. Crop Science revenue was still higher than 2021.
The revenue decline was primarily driven by lower prices in glyphosate-based, leading to a 26% decline in sales of Herbicides.
For the full overview of the Bayer Crop Science 2023 business including an overview of the “Texas Two Step” and what that could mean for the Crop Science business, an overview of new Bayer revenue streams, breakdown of new partnerships, Research and Development expenditure and much more, check out the full Upstream Ag Professional article.
2. Dynamics of Data in Agriculture Highlights and Key Takeaways - Upstream Ag Professional
Field Data Management Software: The backbone of ag tech adoption - Stratus Ag Research
To download the Stratus Ag Research Dynamics of Data in Agriculture Report Highlights, check out the link immediately above.
Since 2016, Stratus Ag Research has done an in-depth survey of farmers across North America identifying important trends, delivering keen insights and empowering agribusinesses to inform their strategy and tactical efforts for the year. Given the length of time they done the survey work, they deliver an unparalleled level of insights into what is driving and has driven farmer utilization and adoption of digital and precision tools.
I was able to preview some of the 2023 results and wanted to share a few of my favorite take aways from the research.
The data I reviewed was specifically from the United States survey. The survey was completed by 841 commercial crop farmers in the United States. Farm operations needed to have planted a minimum of 1,000 total crop acres in 2023, with a specific threshold of 100 specialty crop acres for those in California. The average farm size for survey participants was 2,680 total crop acres.
Below are five takeaways from my preview of the 2023 Survey Data.
Retail Influence in Software, or Lack Thereof?
Which Software Dominates the Market?
What is Hindering Adoption According to Farmers?
What are the most important features to farmers in Farm Management Software?
Perception of Emerging Trends: Precision Spraying, AI and Autonomous Equipment
Final Thoughts
Other Reading from Stratus Ag Research and Upstream Ag Insights
For the full article, including the images, charts and survey data from the Stratus report, check out the link in the heading.
3. Artificial Intelligence in Agriculture
a. Yield maps killed agtech software, can AI fix it? - Software is Feeding the World x Tenacious Ventures
This week my friends at Tenacious Ventures and Software is Feeding the World released an all encompassing report that dives into challenges of software in agriculture.
If you are looking for a well thought out, aggregated overview of the challenges and opportunities of software and artificial intelligence, I high recommend looking at the report.
There is one particular point that I want to highlight that I think was a great insight from the report (emphasis mine):