Barchart Enhances Yield Forecast Model with Integration of Planet Data

Rhea-AI Summary

Barchart, a technology and data solutions provider for the commodity and agribusiness sectors, has enhanced its US corn and soybean yield forecast model by integrating data from Planet Labs PBC, known for high-resolution satellite imagery. This upgrade provides daily updates accessible via API or Barchart's cmdtyView platform and offers national, state, and county-level yield estimates. This integration follows the USDA's National Agricultural Statistics Service's discontinuation of county-level estimates.

Will Osnato, Barchart's Director of Commodity Data Research & Analysis, emphasized that the integration with Planet's data will help agribusinesses make smarter decisions, improve operational efficiencies, and enhance profitability. Sonya Penn, Planet's VP of Partnerships, highlighted the value Barchart brings to interpreting and utilizing Planet's data effectively.

For more information, visit Barchart's cmdtyView or attend their Grain Merchandising and Technology Conference in Orlando this September.

Positive

• Enhanced US corn and soybean yield forecasts with high-resolution satellite data from Planet Labs PBC.
• Daily updates accessible via API and cmdtyView platform.
• National, state, and county-level yield estimates available.
• Improved accuracy of US soil conditions and yield measurements.
• Integration helps agribusinesses make smarter decisions, improve operational efficiencies, and enhance profitability.

Negative

• None.

Agricultural Economist

Barchart’s integration of Planet Labs' satellite data into its yield forecast model for corn and soybeans represents a significant leap forward in agricultural analytics. With the discontinuation of county-level estimates by the USDA's National Agricultural Statistics Service, there was a gap in the data available to agribusinesses. Barchart's enhanced models fill this void by providing more granular and frequent updates, potentially improving the accuracy of yield forecasts. This can directly impact decision-making processes for farmers, traders and agribusinesses by reducing uncertainty and optimizing planting and harvesting strategies.

However, the effectiveness of this integration will depend on the actual accuracy and usability of the data during the growing season. The investment in this technology highlights a trend toward data-driven agriculture, which could lead to improved operational efficiencies and profitability in the long term. But it's worth noting that such models are dependent on the quality of the satellite data and the robustness of the algorithms applied. Investors should monitor real-world performance metrics as they become available.

Market Research Analyst

From a market perspective, Barchart's enhanced yield forecast models powered by Planet Labs' satellite data could offer a competitive edge, attracting more clients in the agriculture sector. The ability to provide accurate and timely yield predictions can be a critical differentiator in the market intelligence space. For commodity traders and agribusinesses, this means potentially better informed trading decisions and risk management strategies, which could translate into millions of dollars in benefits .

Moreover, the collaboration with Planet Labs signifies a strategic partnership that might lead to further technological integrations and enhancements. This not only reinforces Barchart’s market position but also could drive broader adoption of their cmdtyView platform. While the news is positive, it also aligns with broader industry trends of leveraging big data and advanced analytics. Investors should see this as part of a larger move towards digital transformation in agriculture.

CHICAGO, July 9, 2024 /PRNewswire/ -- Barchart, a leading provider of technology, data and workflow solutions for commodity firms and agribusinesses, announces a significant enhancement to its yield forecast model for US corn and soybeans through the integration of data from Planet Labs PBC (NYSE: PL), a global provider of high-resolution satellite imagery.  This collaboration marks a milestone in Barchart's commitment to delivering cutting-edge agricultural insights to its clients.

Barchart's enhanced yield forecasts, now powered by Planet's advanced satellite data, provide daily updates accessible via API or within cmdtyView, Barchart's premier solution for market intelligence, analysis, and risk management.  The improved model offers national and state levels as well as county-level estimates, which have become increasingly vital following their discontinuation by the USDA's National Agricultural Statistics Service.  By leveraging Planet's data, Barchart can now provide measurements with improved accuracy of US soil conditions and yield throughout the growing season.

"Our partnership with Planet underscores our dedication to providing our clients with the most advanced and innovative data available," said Will Osnato, Director of Commodity Data Research & Analysis at Barchart. "Through this integration, we are able to equip agribusinesses with unparalleled insights that not only facilitate smarter decisions but also significantly improve operational efficiencies and ultimately enhance profitability."

"Planet is focused on partners who can fine tune our data, make it easier to use, and provide tools to save time and add value for our partners and customers," commented Sonya Penn, VP Partnerships.  "For yield forecasting, Barchart provides reliable, critical, easy-to-interpret insights and results in a timely manner and we are thrilled to welcome them to the Planet partner ecosystem."

To access this data within cmdtyView, visit barchart.com/cmdtyview or for an enterprise solution, contact our sales team.

You can also learn more about Barchart's enhanced yield forecast model this September in Orlando at Barchart's Grain Merchandising and Technology Conference. Explore the full agenda and register at barchart.com/grainconference.

About Barchart
Barchart is a leading provider of market data and services to the global financial, media, and commodity industries. Our diversified client base trusts Barchart's innovative Solutions across data, software, and technology to power their operation from front to back office, while our Media brands enable financial and commodity professionals to make decisions through web content, news, and publications. For more information, please visit www.barchart.com/solutions.

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SOURCE Barchart

FAQ

What recent upgrade did Barchart announce for its yield forecast model?

Barchart announced an enhancement to its US corn and soybean yield forecast model by integrating data from Planet Labs PBC.

How does Barchart's new yield forecast model benefit agribusinesses?

The model offers improved accuracy and daily updates, helping agribusinesses make smarter decisions, improve operational efficiencies, and enhance profitability.

Where can I access Barchart's enhanced yield forecast data?

The data is accessible via API and within Barchart's cmdtyView platform.

What levels of yield estimates are provided by Barchart's enhanced model?

The enhanced model provides national, state, and county-level yield estimates.

Who commented on the partnership between Barchart and Planet Labs PBC?

Will Osnato, Director of Commodity Data Research & Analysis at Barchart, and Sonya Penn, VP Partnerships at Planet Labs PBC, commented on the partnership.