HarvestIQ (formerly Farmers Risk) Expands Software Solutions to Address the Needs of Livestock Markets
November 16th, 2023 By Danielle Marinis
Ames, Iowa, October 26, 2023 – HarvestIQ, formerly known as Farmers Risk, a software company specializing in risk management for agriculture, announces the expansion of its portfolio of products to address livestock markets and the completion of its rebranding.
"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.”
HarvestIQ’s existing platform aggregates cash sales, Chicago Mercantile Exchange (CME) trades, USDA insurance, and more to present a real-time, marked-to-market view of an operation’s revenue and profitability. Serving over 1,700 operations through their grain marketing advisors and commodity brokers, the platform enables advisors to save at least 5 hours of data processing per week and helps farmers capture 20% more value in their hedging programs.
“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,” said Euweng Chan, CEO of HarvestIQ.
HarvestIQ is now expanding its software suite to serve the needs of the livestock sector. A 2023 Q4 product update will include new livestock-centric features, most notably real-time integrations with both the CME and the USDA insurance programs. These integrations facilitate detailed revenue and profitability tracking by animal groups, which will enable advisor-brokers to navigate the nuanced ownership and marketing structures in livestock production, and offer personalized risk management programs at scale.
HarvestIQ is also enhancing the user experience by enabling the in-platform execution of CME and USDA insurance positions. With this feature, advisor-brokers will now have the option to work collaboratively with their farmers and administer after-hours service at scale without requiring additional staffing.
“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,” said Chan. “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.”
Founded in 2021, HarvestIQ (formerly Farmers Risk) is a software company specializing in risk management solutions for agriculture. By leveraging integrations with real-time data sources, HarvestIQ’s platform presents a comprehensive view of revenue and profitability to empower farmers and their advisors to make data-driven risk management decisions.
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