Farukh Kitchlew | Nov 29, 2023 | 0
HarvestIQ expands portfolio to address livestock markets needs
HarvestIQ, previously called Farmers Risk, is a software company that manages risks in agriculture. They’re now offering new livestock market products and have finished rebranding.
HarvestIQ’s current platform combines cash sales, Chicago Mercantile Exchange (CME) trades, USDA insurance, and other data to show an up-to-date view of a farm’s income and profit. Used by over 1,700 operations through grain marketing advisors and commodity brokers, the platform helps advisors save at least 5 hours of data work each week and assists farmers in getting 20% more value from their hedging programs.
HarvestIQ is growing its software to help livestock businesses. In the next update (coming in Q4 2023), they’ll add new features focused on livestock, including real-time connections with CME and USDA insurance. These features will track revenue and profit for different animal groups, allowing advisor-brokers to manage risks better in livestock production and offer tailored risk programs to more businesses. In addition, HarvestIQ is improving user experience by allowing CME and USDA insurance actions within the platform. This means advisor-brokers can now team up with farmers and provide after-hours help on a larger scale without needing extra staff.
Euweng Chan, CEO of HarvestIQ, said in a statement:
“Since our founding in 2021, we have been on a singular mission to transform risk management in agriculture, and we are excited to unveil our new brand that truly represents what we stand for — delivering software solutions that simplify price risk management for farmers and advisor-brokers alike.
We are aiming to build a comprehensive risk management platform for all of agriculture. Our software will transform the way strategic advisors consult with their customers, saving them time and money. Our real-time view of revenue and profitability will empower them to make data-backed decisions in ever-volatile markets. As we broaden our reach into the livestock markets, we are paving the way for more advisor-brokers to support a greater number of farmers.”