Good morning and hello 2022!
If you’re like us, you might have devoured a couple college football bowl games over the past few weeks. But a few specific agriculture-ish related celebrations caught our eye.
After Wyoming knocked off Kent State in the Famous Idaho Potato Bowl, the head coach got doused in french fries.
He fared a little better than South Carolina’s poor coach who… err, ‘celebrated’ his team’s victory in the Duke’s Mayo Bowl.
Stories:
- California Dreamin' [Of More Snow]
- Stenon's Stocking Stuffed with $20M
- Dropping Like Flies Hazelnuts
|
Major winter storms might have rampaged through the U.S. recently, but California is seeing the sunny side.
The storms left behind serious snowfall, pulling much of the state out of "exceptional drought" levels. A helpful holiday gift to ag producers across the state.
State officials say that snowpack is now 160% of its average—and even higher in the Sierra Nevada, which supplies nearly a third of California’s water needs. The Central Sierra snow lab recorded 193.7 inches of snow in December. That’s a lot of shoveling.
No pressure: Starting in October, the 2022 water year has had the wettest start in 40 years, smashing snow and rainfall records.
Still, the trend’s got to continue through January and February to set the state back on track from the previous two dry winters. 150% of the average snowfall is needed for the best chance to end the drought by spring. And roughly 90% of California’s rain and snow happens in the winter months between October and April, so Mother Nature has to be feeling the heat.
Where this goes: Even with extra snowfall, the drought is still kicking. The past couple years of dry weather have forced farmers to cut back cultivation, drill new wells, and even buy water from other sources, as their regular water deliveries have declined.
Reservoirs remain low, including in the Central Valley Project, which the main agricultural hub of California relies on. But… above-normal precipitation is predicted for California next week, so hopefully snow angels will continue to reign over the state.
|
→ The cost of Containergeddon. Researchers estimate that California farmers alone missed out on $2.1B in foreign sales between May and September 2021 as ag exports dipped 17%.
→ ADM’s over it. In a federal court in Nebraska, the commodity company is attempting to dismiss a lawsuit claiming the company manipulated prices in the ethanol market.
→ Sunflower prices bloom. Tight seed stocks and a decline in harvested acres have tipped prices higher as crush plants search for sunflower seed supplies.
→ BASF’s fintech play. The ag input giant has teamed up with Brazil-based Agrolend and DuAgro to offer credit to producers in a more convenient and 100% digitally-enabled way.
→ Fluid milk fallout. Despite total dairy consumption hitting all-time highs, a recent USDA survey showed fluid milk consumption decreasing at its fastest rate in 70 years.
→ Argentina’s meat hoarding continues. The South American country extended until 2023 its suspension of exporting certain beef cuts with little international demand.
→ AGCO eyes the A.I. in Appareo. The global ag machinery manufacturer will acquire Appareo Systems, a leader in mechatronics and innovative electronics that help monitor, sense, and track devices in agriculture.
|
Stenon's Stocking Stuffed with $20M
|
Santa was good to Potsdam-based AgTech company Stenon this year: its stockings were stuffed with $20M in its Series A funding round.
It couldn’t have been pulled off without some help from his elves, with the Founders Fund and The Production Board leading the round. Existing investors Cherry Ventures and Atlantic Labs felt the Christmas cheer and gave this round, too.
Founded in 2018, Stenon is the global leader in digital, real-time, laboratory-independent soil data. Farmers use the data from Stenon’s soil management technology to make optimal and sustainable cropping decisions to increase yield, boost crop quality, and improve soil health, all while saving money on inputs.
Too legit: It’s also externally certified for data accuracy from the leading European farmers’ association.
Soundbite: "Stenon’s mission is to become the soil data company in agriculture and get rid of the need for physical laboratories. Without soil data being available at scale, farmers will neither be able to work sustainably [nor] profitably in the future. Additionally, the market is dynamically moving into the direction of regenerative ag or autonomous farming—all of these practices will require the data set that we are providing," said Co-Founder and CEO, Dominic Roth.
What lies ahead: While you won’t find Stenon’s technology at the North Pole, it’s patented, certified, and live in 20 countries. With the bump in funding, they hope to develop new features and services, plus establish a foothold in new markets.
|
Grains: More hot and dry weather in Brazil helped soybeans surge.
Livestock: Proteins felt the squeeze on the first trading day of 2022 but pork expectations are high based on possible low inventory later in the year.
*As of Market Close [1/3/21]
|
It’s that time of year where cozying up inside on a snowy day can become part of the weekly routine.
But what if this winter you used some spare time and your professional experience to explore the other Wynter.
Wynter invites professionals from all walks of life (agribusiness included!) to join their B2B research panels. Industry-leading B2B companies use Wynter to nail their marketing and product messaging through customer research and message testing.
Get a behind-the-scenes look at what the best companies in the world are testing, and get paid for your feedback and comments.
And this isn’t a time suck… Make a few extra bucks with this low-key time commitment.
What are you waiting for? Get paid to test with Wynter today.
|
Magnetic's Must-See Stuff
|
Last chance to Cultivate Courage! There are only 8 tickets left for this must-attend event for all women in ag. Get yours today.*
We’re on the job seeker hunt. Yep, you read that right. Are you looking to link up with a top-notch AgTech recruiting firm to find your next gig? Simply submit your resume here and we’ll connect you today.
Carbon College is open. Discover more about carbon markets via this new CCA accredited online learning series from Indigo.
*Sponsored Post
**Looking to advertise your event, announcement, or product here? Learn more.
|
Dropping Like Flies Hazelnuts
|
A decision to cut interest rates and a resulting currency crash in Turkey is making hazelnut farmers and Nutella lovers very nervous…
Imported seed and fertilizer prices are skyrocketing, making the upcoming crop look more like a dream than reality.
Digits: The Turkish hazelnut industry produces 70% of the world’s hazelnuts and employs 4M people. And it’s worth noting that Nutella-maker Ferrero buys around one-third of Turkey's hazelnut exports.
Soundbite: "The world is on the verge of hazelnut shortage. If you are a Nutella fan, you better stock up at your next food-shopping visit," noted Turgan Zülfikar, a U.S.-based consultant.
The More You Know: Nutella, the spread that made hazelnuts famous (CBS Sunday Morning)
|
Time for a hazelnut hot take: Can you fill in the blank?
A jar of Nutella is ____% hazelnuts.
Answer at the bottom of the email.
**Win a Magnetic koozie when you submit a trivia question and it gets used in a future newsletter! Submit questions here.
|
Have friends or coworkers who'd love our newsletter too? Give them your unique referral link (below) and get Magnetic gear when you hit certain referral counts.
Your link:
*Curious where you stand? You can always check your referral hub and see rewards here.
|
13%. A 26.5 oz jar would have ~97 hazelnuts in it.
|
|
|
ADVERTISE
Not feeling Magnetic anymore?
Break our hearts and unsubscribe here.
Magnetic Ag
P.O. Box 7292
Greenwood, IN 46142-6423
United States
|
|
|
|
