Press Releases 08.12.2019
Ahead of the USDA’s August WASDE Report, Indigo Updates Production Forecasts for Corn and Soybeans in the U.S.
- Indigo forecasts end of season corn production at 12.0B bushels and soybean production at 3.7B bushels.
- These estimates are based on yield estimates of 154.7 bu/ac for corn and 45.3 bu/ac for soybeans, and area planted estimates of 85.4M acres for corn and 82.9M acres for soybeans.
- Indigo Atlas updates its yield forecasts on a daily basis, responding to changes in growing conditions and crop health to offer customers up-to-date intelligence on projected agricultural production.
- This crop report is available on Indigo’s website, via the Indigo Atlas Insights page. Over the next month, Indigo will release more in-depth looks at market, weather, and historical trends to complement its forecasts.
Boston, Massachusetts, August 12, 2019 – Indigo Agriculture, a company dedicated to harnessing nature to help farmers sustainably feed the planet, updates its corn and soybean production forecasts ahead of the USDA’s August World Agricultural Supply and Demand Estimates (WASDE). Generated by Indigo’s living map of the world’s food system, Atlas, production forecasts for both corn and soybeans are down from the company’s July report: Corn production is forecasted at 12.0B bushels and soy production is forecasted at 3.7B bushels, down 3.2% and 12.6%, respectively.
Over the past month, favorable weather conditions – including hot weather and adequate rainfall – have aided crop health across the U.S. Given the late and unfavorable start to the season, however, crop development is still significantly delayed in most states compared to historical trends. Major producing areas are the most at-risk, with corn in Illinois, Indiana, and Ohio all twenty or more days behind in development compared to the 2018 growing season. While a further resurgence in crop health is still possible, the window is narrowing as the country enters the latter portion of the season. Indigo will continue tracking these developments and update end of season yield and production estimates before the USDA’s September WASDE report.
“We are almost a month behind in some of the most important corn and soybean producing regions in the world,” said David Potere, Head of GeoInnovation at Indigo. “In a growing season that has already had more than its fair share of challenges, this development is remarkable. But it also reinforces the value of a technology like Atlas – a platform that monitors not only individual field performance, but the entire Corn Belt. We look forward to bringing Atlas to more growers via Indigo Marketplace, arming them with knowledge that will help to inform how they sell, hedge, and purchase grain for this season, as well as the next.”
Indigo Atlas combines remote sensing, ground equipment, weather, and historical data to deliver models that assess – among other factors – crop health and production at the field, county, state, and national level. To track the dynamic variables that affect crops, Atlas leverages the Crop Health Index (CHI), a proprietary measurement of plant performance built and optimized for agriculture. The CHI is updated in real time, with new insights into the health of dozens of crops generated every day. The immediacy and accuracy of this information supports key decision making for growers, traders, investors, buyers, grain marketers, government agencies, and other industry players.
"Every day, growers make marketing decisions with the official USDA numbers as a backdrop,” said Rodney Connor, Sr. Director of Global Markets Intelligence and Analysis at Indigo. “While that information is vital to the industry, the monthly pace does not completely fill the needs of a grower who is trying to manage risk in an increasingly volatile environment. Atlas helps fill that gap. No more holding your breath each month, waiting for the day that the WASDE is released – and then figuring out how to pivot with the new information. Instead, simply login to have global trends and expert analysis brought right to your fingertips.”
To access Indigo’s August Production Forecast and discover other agricultural insights, click here.
Indigo improves grower profitability, environmental sustainability, and consumer health through the use of natural microbiology and digital technologies. Utilizing beneficial plant microbes and agronomic insights, Indigo works with growers to sustainably produce high quality harvests. The company then connects growers and buyers directly to bring these harvests to market. Working across the supply chain, Indigo is furthering its mission of harnessing nature to help farmers sustainably feed the planet. In 2019, Indigo was ranked #1 on CNBC’s Disruptor 50 list and #35 on Fast Company’s Most Innovative Companies list. The company is headquartered in Boston, MA, with additional offices in Memphis, TN; Research Triangle Park, NC; Sydney, Australia; Buenos Aires, Argentina; and São Paulo, Brazil.
No representation or warranty of any kind (whether expressed or implied) is given by Indigo as to the accuracy, completeness, currency or fitness for any purpose of the above forecasts. As such, this document does not constitute the giving of investment advice, nor a part of any advice on investment decisions. Indigo accepts no liability of any kind and disclaims all responsibility for the consequences of any person acting or refraining from acting in reliance on this press release and any forecasts in whole or in part.
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