Archer Daniels Midland (ADM) and Cargill have agreed to form a new technology joint venture, Grainbridge, which will support farmers in North America.
The business will develop tools designed to help farmers across the US and Canada to consolidate information on production economics and grain marketing activities into a single digital platform.
One of the first tools being developed by Grainbridge will give farmers secure access to their combined ADM and Cargill transactions, including contracts, scale tickets and payment information. The companies said this dashboard is being designed to provide farmers with insights into their current grain position and real-time opportunities.
Grainbridge welcomes other grain companies, grain buyers, technology and data providers to participate on the platform.
Cargill and ADM believe this open approach will enhance the information available on the platform, giving farmers a complete view of their business without having to consolidate these information sources on their own.
Roger Watchorn, president of Cargill’s North American agricultural supply chain, said: “Farmers can more effectively market grain and improve their profitability using technology and data analytics.
“They need digital tools that seamlessly connect their production and cost-of-production data from a variety of sources already used on their farms – but those tools simply aren’t available today.
“Together, Cargill and ADM’s unique technology capabilities, grain handling operations and years of farm consulting experience allow us to more quickly create the digital tools that will drive efficiency and profitability for farmers.”
ADM grain president Wes Uhlmeyer added: “Farmers deserve the convenience of technology that gives them the power to make quick, effective and fact-based grain marketing decisions.
“This new joint venture will provide for these needs with a single, powerful, easy-to-use platform for farmers to manage their accounts, make grain marketing decisions and execute transactions. We’re particularly excited to work with Cargill on this joint venture to offer an unparalleled array of tools that provide farmers across the country access to powerful decision support, business intelligence and transactional efficiency.
“While remaining strong competitors, we recognise the need to advance technology for farmers and believe that together we can accomplish that common goal.”
He added: “We are often asked by our farmer customers to provide technology solutions that provide them relief to a problem they are experiencing – and we can sense the underlying need to solve a variety of problems that go unmentioned.
“This new platform will be a tool they’ve long needed that solves many of those known and suspected pain points we hear about each day. We’re excited to bring these types of innovative and progressive solutions to the industry.”
It is expected the transaction will close in the next few months.
© FoodBev Media Ltd 2021
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