AMES, Iowa, November 16, 2023–(BUSINESS WIRE)–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.
HarvestIQ’s existing platform aggregates cash sales, Chicago Mercantile Exchange (CME) trades, USDA insurance and more to present a real-time market view of an operation’s revenue and profitability. Serving over 1,700 operations through their grain marketing advisors and commodity brokers, the platform allows 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’ve been on a unique mission to transform risk management in agriculture, and we’re excited to unveil our new brand that truly represents what we stand for – providing software solutions that simplify price risk management for farmers and advisors – also brokers,” said Euweng Chan, CEO of HarvestIQ.
HarvestIQ is now expanding its software suite to meet the needs of the livestock sector. A 2023 Q4 product update will include new livestock-centric features, notably real-time integrations with both CME and USDA insurance programs. These integrations facilitate detailed tracking of revenue and profitability of livestock groups, which will enable advisor-brokers to navigate the nuanced ownership and marketing structures of livestock production and offer personalized risk management programs at scale.
HarvestIQ also enhances the user experience by enabling the execution of CME and USDA insurance positions on the platform. With this feature, advisor-brokers will now be able to collaborate with their farmers and manage after-hours service at scale without requiring additional staffing.
“We aim to build a comprehensive risk management platform for the whole of agriculture. Our software will transform the way strategic advisors consult with their clients, saving them time and money. Our real-time view of revenue and profitability will allow them to make data -supported decisions in ever-volatile markets,” Chan said. “As we expand 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. 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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