Editor’s Note: Joseph Byrum is senior R&D and strategic marketing executive in Life Sciences – Global Product Development, Innovation, and Delivery at Syngenta. This last in a three-part series explores the use of data by non-farming organizations and the need to improve data collection for the benefit of the whole agriculture industry.
Government and private economists around the globe keep close tabs on estimates for the yields of internationally-traded crops such as corn, oats, soybean, rice and wheat. The US Department of Agriculture, for example, publishes monthly reports and forecasts that keep the markets up-to-date on the progress of these commodities throughout the season.
As with all commodities, prices rise and fall with the global level of supply and demand. That makes accurate and timely information about crop supplies extremely valuable