FARMERS BUSINESS NETWORK RELEASES ITS 2019 FBN NETWORK TRENDS REPORT
May 1, 2019
Source: Farmers Business Network news release
Farmers Business Network has just put together the 2019 FBN Network Trends Report - to share the latest trends in farming, from seed performance and chemical prices to farm profitability, so farmers can see how the power of aggregated, anonymized data from millions of real-world planted acres can help their farm win.
The FBN 2019 Network Trends Report includes:
• Agronomic practices
• Seed selection
• Crop rotation
• Farm economics
• Seed pricing
Download the full report here: https://use.fbn.com/2019FBNNetworkTrendsReport
Here are some of the key takeaways:
Farmers are constantly tweaking agronomic practices to best maximize profitability. FBN farmers are some of the most progressive in North America, so patterns in their agronomic practices can provide insight into what agronomic practices are gaining (or losing) popularity with farmers across the country.
We analyzed tillage, fertilizer use and seeding rate.
FBN network trends show prices of some key ag chemicals increasing, while others have seen modest price decreases ...which ones are you using?
Seed selection is critical, but challenging. With thousands of varieties available from hundreds of seed companies-all with different prices, yield potential and traits-how do you know if you're getting the right seed with the right yield potential for the right price?
A few strong patterns stood out in our analysis of the past five years of seed selection data.
Crop rotation patterns can vary year to year based on market prices, weather conditions at planting and many other factors.
Talk to any farmer about economics, and the pain of depressed commodity prices along with high input prices becomes immediately obvious. We dug into FBN network data to quantify some of these patterns.
Seed is one of the largest input costs on most farms. Network data analysis shows that seed prices continue to affect farmers' bottom lines significantly as they contend with high seed prices.
How We Develop Network Trends
FBN aggregates anonymously contributed data from roughly 30 million acres of farms across the U.S. and Canada. The large, aggregated datasets from our network enable us to derive insights that would be impossible to detect in smaller datasets. This particular report is based on anonymized corn and soybean data aggregated from more than 5,700 farms that contributed more than 35 million acre-events of agronomic data and more than 100,000 seed and chemical invoice price records.
Why Big Data is Good for the Farm
Although the concept of "big data" can sometimes be misunderstood, there are some major benefits to farmers using large datasets to make operational decisions. Databased insights (the patterns and trends that can be revealed by large datasets) have the potential to offer information that you can actually use for input decision-making.