Good morning.
If you know anything about our team at Magnetic, you know we’ve got the hots for bacon.
Butttt… in ag, it takes a village, and it’s worth highlighting our specialty crop family too, especially as we enter into National Salad Month. There’s lots of cool research happening right now in the field of leafy greens, so even more reason to partake.
So lettuce make sure to get our greens in over the next few weeks (and we won’t judge you if you throw some bacon crumbles on there too…)
Stories:
-
Oh No, AGCO
- Microbe's Mic Drop Moment?
- Cattle's New Tick Decoy
|
Tractor and combine provider AGCO is working through a crippling ransomware attack affecting operations at several production facilities during one of the most critical times of the year.
Operations could be impacted for "several days and potentially longer," AGCO said.
The attack could not have arrived at a worse time, during #plant22, on top of the never-ending equipment and parts shortages. Needless to say, the hackers knew what they were doing.
We’re just not sure how bad it is… yet. As of Friday, AGCO wasn’t sure which ransomware strain was to blame. AGCO did not disclose which facilities were hit or if any data was stolen.
But it was bad enough to bring down the servers and stop production completely at some locations. Meanwhile dealers couldn't look up or order parts through the AGCO website.
Soundbite: "We just have to trust that it will be over as soon as possible because we are coming into our busiest time of the year and it will be very damaging to our business and customers," said Tim Brannon, president and owner of B&G Equipment, Inc.
In an email to dealers, AGCO said they are "prioritizing" the most business critical systems as they work through the mess.
Last month the FBI warned that attackers are spreading ransomware during planting and harvest. Attackers want to pressure farming groups into paying hefty ransom sums to stop the food chain from being impacted.
The best defense is a good offense. To protect yourself and your business, create backups, install the latest software patches, and use multi-factor authentication whenever you can.
|
→ More guac, please! Despite availability of avocados in the U.S. tripling in the last 15 years, there’s still room for growth when it comes to Americans’ appetite for the produce, according to a new Rabobank report.
→ A dairy downer. Several parties, including Coca-Cola, will have to pay $21M to settle a false-advertising lawsuit, after undercover videos of animal abuse contradicted their claims that their Fairlife milk came from humanely treated cows.
→ Congrats in order. NASA Climate Scientist Cynthia Rosenzweig is the new World Food Prize Laureate, thanks to her decades-long work focusing on how climate change could impact North American food production.
→ Tariff talk. The U.S. Trade Representative office will conduct a review of punitive tariffs it imposed on China in 2018, and will collect comments from industry stakeholders about two batches of imports valued at $50B.
→ Seeding sustainability. Syngenta Group Holdings Co. will enter into a $4.5B syndicated sustainability-linked loan, a record-high in Asia.
→ Bird flu’s destructive path. The highly pathogenic avian influenza is killing bald eagles at an "alarming" rate, after 37M chickens and turkeys have already been culled because of the disease’s spread.
→ Costly construction. CF Industries Holdings is predicting a $2B cost for its new U.S. plant that will produce low-carbon ammonia for fuel.
|
Microbes' Mic Drop Moment?
|
A (not so) dynamic duo: Skyrocketing fertilizer prices and lack of availability have many farmers concerned for this season. According to the Purdue Ag Economy Barometer, 26% of farmers surveyed are having difficulty with fertilizer availability.
Average fertilizer costs are skyrocketing, and in some cases, breaking records.
A look at the numbers:
- DAP: $1,049/ton
- MAP: $1,082/ton (all-time high)
- Potash: $881/ton,
- 10-34-0: $906/ton
- Anhydrous: $1,534/ton (all-time high)
- UAN32: $730/ton (all-time high)
The (Russian) elephant in the room: "Prices for most fertilizers continued their rise in April. Supply concerns and related price increases were particularly high for nitrogen fertilizers due to the large role of the Russian Federation in nitrogen fertilizer exports and supply shortages in western Europe." – Agricultural Market Information System
Big solutions in a tiny package: With wrinkles in price and supply of traditional fertilizers, farmers are thinking micro. Some companies—like Pivot Bio, Kula Bio, Anuvia, and more—are working to create alternative fertilizer options that use microbes to deliver nutrients to crops.
Many of them have reported a surge in requests from farmers, who are hoping to find a biological alternative to the now-extremely-costly traditional fertilizers.
So with no sign of price relief this year, there’s nothing micro about the potential of those microbes.
|
Grains: Broad market pressure sank all the grains for the day.
Livestock: Hogs felt the sting of higher market weights and a pullback in sales to China.
*As of market close [5/9/22]
|
It's Time to Plant A New Investment
|
NFTs. Cryptocurrency. Blockchain. In today’s digital world, it can be hard to figure out where to invest your hard-earned money—and hard to see what you’re actually investing in.
But farmland? That’s a real asset, run by real humans, earning real, steady returns.
And investing in farmland doesn’t get much easier than with Field Yield. Invest in curated, sustainably operated farms chosen by the Field Yield experts. Use their digital platform and join other investors as you watch your portfolio grow.
Even during periods of recession or heavy inflation (hello, 2022), research shows that farmland value holds strong.
Hedge against inflation, diversify your portfolio and invest in a time-tested, vital industry: now that’s an investment worth making.
Learn more about how Field Yield is democratizing farmland ownership, and how you can get started investing today.
|
Magnetic's Must-See Stuff |
Free money! The deadline is coming up (May 31) to apply for Nutrien’s nitrogen-reduction program for farmers, which will pay you to institute sustainable practices. Peep the details here.
Ford the (almost) farmer. We’ve all heard of Henry Ford creating the first assembly line, which changed manufacturing forever. But did you know the seeds of that idea were planted… on a farm? This story takes a look back at how Ford’s time growing up on a farm in Dearborn, Michigan—and hating labor-intensive chores as a teenager (naturally)—helped create the Ford motor company we know today.
Let the Magnetic readership be your talent pool. Post your company’s open roles and attract top talent on the Magnetic Ag Job Board.
|
It’s not National Salad Month if we don’t test your veggie knowledge. Can you guess which salad topping below can be grown in varieties such as Beefsteak, Brandywine, and Cherokee Purple?
- Carrots
- Mushrooms
- Tomatoes
Answer at the bottom of the email.
|
Biologicals Bust Into Livestock Scene |
Mooove out of the way, ticks: Brazilian company Decoy Smart Control, whose biological pest-control product offers a non-toxic option for killing ticks on livestock, just raised $2M in funding.
How it works: The biocontrol product uses two species of fungi that can kill ticks—but are harmless to cattle, humans, and the environment.
Essentially, farmers take a bottle of Decoy’s liquid solution (containing spores from fungi), spray it on their cattle and fields, and go about their day. Meanwhile, those spores attach to ticks, kill them, and then reproduce. That creates a "chain effect," according to co-founder and CEO Lucas von Zuben.
The product has been tested on over 100K animals on 800 properties in Brazil. The intended launch for the cattle tick treatment is 2023, pending Brazilian regulatory approval. The company is taking aim at Australia and India as possible locations for expansion, as well as thinking about additional product lines for pets and poultry.
Soundbite: "Biocontrols started with crops; people have [recognized] that opportunity. As we have a lot of problems not only in crops but also in animal agriculture, we saw [another] opportunity – and we have found a way to bring this technology to animal health in a way that no-one had before," von Zuben said.
|
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.
|
|
|
Written & Edited by Amelia VanLandegen, Rachel Robinson, Ashley Scoby, and Travis Martin
Were you forwarded this email? Sign up here.
Best jobs in agriculture → Magnetic Ag Job Board
|
ADVERTISE
Not feeling Magnetic anymore?
Break our hearts and unsubscribe here.
Magnetic Ag
P.O. Box 7292
Greenwood, IN 46142-6423
United States
|
|
|
|
