Press Releases 07.11.2019
Ahead of the USDA’s July WASDE Report, Indigo Unveils Insights Into the U.S. Growing Season with Production Forecasts for Corn & Soy
- Indigo forecasts end of season yield at 159.4 bu/ac for corn and 47.6 bu/ac for soybeans in the U.S.
- These forecasts were generated through Indigo Atlas, a living map of the world’s food supply that models crop health and yield at the county, state, and national level.
- This crop report is available on Indigo’s website, via the Indigo Atlas Insights page, an open access repository offering visibility into data, insights, and expert commentary on the global food system.
Boston, Massachusetts, July 11, 2019 — Indigo Ag, a company dedicated to harnessing nature to help farmers sustainably feed the planet, releases its corn and soybean production report ahead of the USDA’s July 11th World Agricultural Supply and Demand Estimates (WASDE). In recent years, the models powering Indigo Atlas have outperformed the USDA’s in-season estimate. In 2017, for example, Indigo’s models predicted the final corn yield within 1% of the final data five months ahead of the USDA’s end of season report.
Unfavorable weather conditions have delayed planting and affected crop emergence in the U.S., complicating the production outlook amongst industry analysts and government organizations. Indigo Atlas, which applies machine learning to satellite, weather, and historical data, brings real-time insights to an increasingly uncertain production landscape. Forecasting models translate more than 250 billion data points a day into a living map of the world’s food system.
Today, Indigo is unveiling initial yield and production forecasts.
- For corn, Indigo forecasts an average yield of 159.4 bu/ac, planted area of 85.4M acres, and total production of 12.4B bushels.
- For soybeans, Indigo forecasts an average yield of 47.6 bu/ac, planted area of 89.3M acres, and total production of 4.2B bushels.
Indicative of this year’s severe circumstances, the USDA has already revised its pre-season expected close out from 176.1 bu/ac (announced in May of 2019) to 166.0 bu/ac (per the June 11 WASDE report). For at least the last decade, revisions have not been announced until the August WASDE report.
Above: Year-on-year change in accumulated Growing Degree Days (GDD)
“Crop years like this one bring into stark relief the limitations of more traditional survey-based methods for forecasting production. Those efforts rely on a level of stability in weather systems that we simply are not seeing for our U.S. spring crops,” said David Potere, Head of GeoInnovation at Indigo. “Indigo Atlas technology empowers us to cut through billions of satellite and field data observations and deliver a comprehensive national picture for U.S. production. Those insights are increasingly part of how we support every partner we work with, from farmers to leading food brands.”
“Tools like Atlas offer one of the few points of light for farmers to navigate through production uncertainty this season, one of the worst I’ve seen in my twenty years since working in agricultural markets," said Gabe Sheets-Poling, Head of Global Markets at Indigo. “Rather than anecdotes, Atlas relies on ground, space, and weather data to inform its perspective, offering a view into – among other decisions – the right crop insurance plan to sign up for or hedging position to take."
Crop reports, food system insights, and expert commentary have also been consolidated within Indigo Atlas Insights, an open access webpage of information drawn from Indigo’s GeoInnovationteam and their flagship platform. Also live today on Indigo Atlas Insights are real time measurements of corn and soybean health in the U.S., characterized via Indigo’s Crop Health Indices (CHIs). Proprietary to Indigo Atlas and optimized for agricultural crops, a Crop Health Index displays plant biomass measured over the course of the season.
To access Indigo’s 2019 July Production Forecast and discover other real-time analysis, click here.
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.
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.
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