Key Takeaways
- Expansion into Livestock Markets: HarvestIQ, previously Farmers Risk, is extending its portfolio to include livestock markets.
- Enhanced Platform Capabilities: The expansion will introduce new livestock-centric features and real-time integrations with the CME and USDA insurance programs.
- Efficiency and Value Enhancement: HarvestIQ’s platform offers significant time savings for advisors and increased value capture for farmers in hedging programs.
- Brand Transformation: The company’s rebranding reflects its commitment to simplifying price risk management for farmers and advisors.
- Comprehensive Risk Management: HarvestIQ aims to develop a versatile platform for all agricultural sectors, focusing on strategic advisory and data-backed decision-making.
HarvestIQ, originally known as Farmers Risk, a software company specializing in agricultural risk management, has announced its expansion into livestock markets, complemented by a complete rebranding effort.
Platform Capabilities
HarvestIQ’s platform aggregates various data sources, including cash sales, CME trades, and USDA insurance, to provide a real-time, marked-to-market view of an operation’s revenue and profitability. This technology has served over 1,700 operations, assisting advisors and farmers in optimizing their hedging programs.
Strategic Growth and Efficiency
CEO Euweng Chan emphasizes HarvestIQ’s mission to transform agricultural risk management. The expansion into the livestock sector in Q4 2023 will feature new tools tailored for livestock revenue and profitability tracking, aiding advisor-brokers in offering customized risk management solutions.
User Experience Enhancement
The platform update will also introduce in-platform execution capabilities for CME and USDA insurance positions, allowing for more collaborative and efficient management between advisor brokers and farmers, even after hours without additional staffing.
Vision for the Future
HarvestIQ aims to build a comprehensive risk management platform for all agricultural sectors. Chan highlights the goal of transforming how advisors consult with farmers, focusing on real-time data for strategic decision-making in volatile markets.
