Agtech Action | Week of 05.02.20 - 05.08.20
Wendy's with no burgers, a Top Chef gives his take on restaurant survival, and small chicken farmers thriving during the pandemic
Can you feel it! Summer is approaching and soon we will be outside enjoying all the fantastic weather, food and PEOPLE!! (I cannot believe I am saying that) A lot to unpack this week in our newsletter, from these things called ‘murder hornets’ making their way to N. America, to a guy feeding a remote town in Alaska with his Costco card, and a video tribute thanking our farmers for feeding us. I am too excited for this week for several reasons and the encouraging news is one of those. Read all about it!
Food and the World:
Farm bankruptcies on the rise amid COVID-19 pandemic
The man feeding a remote Alaska town with a Costco card and a ship (I’ll have this entire aisle please!)
The ripple effect of COVID-19 for soybean farmers, demand and transportation
The best way to keep meatpacking and food processing plants open is to protect workers
As meat plants reopen, Iowa, South Dakota, Pennsylvania, and Nebraska are coronavirus leaders
Facing meat shortages, some Americans turn to hunting during pandemic
As jobless claims soar, more restaurants might finally be able to accept SNAP benefits
Meat processing plants are reopening. Is it safe for workers to return?
A Wendy’s with no burgers as meat production is hit (the horror!!)
North America bulges with cattle as virus closes packers, leaving retailers hungry for beef
Tyson foods to resume limited production at largest US pork plant (please ensure the workers are safe)
Coronavirus pummels farmer confidence for 2nd month (majority of farmers expect worse financial performance on farms than in 2019)
Monstrous ‘murder hornets’ have reached the US (first a virus, now super hornets! Someone call the Avengers!)
Midwestern hog plants ease back into operation, ‘We’ve turned the corner,’ says Perdue
Beef producers are grinding up their nicest steaks, while retailers can’t meet demand for cheaper cuts (This brings a tear to my steak-loving eye)
Food Box purchases will precede coronavirus checks to farmers
How the pandemic is impacting coffee supply chains in Central and S. America
Cuban sugar harvest goes into overtime amid pandemic
Indonesia’s farms, plantations to face ‘drier than usual’ dry season
Agriculture in the News:
3 McDonald’s workers hurt after customer attack over coronavirus limits, Oklahoma police say (this is sad and disturbing and hopefully not a trend)
President Trump described meatpackers’ ‘liability problems.’ Here’s what that could mean for workers
USDA announces $5M in Wetland Mitigation Banking Program
Kroger limiting ground beef, pork purchased in some stores
Tyson faces safety costs, sales hit from coronavirus
Costco limits meat purchase as supply shortages loom
US farmers are over halfway done with planting corn, USDA says
Brazil soybean exports hit record in April
America’s biggest dairy co-op may buy Dean Foods. Opponents fear a milk monopoly
NC State researchers: ‘Tell us about your sourdough starter, for science’
Small, independent chicken farmers are thriving during the pandemic
Shoppers could see less meat at higher prices due to coronavirus (less supply, higher demand, increasing prices, basic economics)
Multi-billion dollar corn and soy payment possible due to coronavirus (could trigger up to $7.2B in USDA subsidies)
Helpful Resources:
10 points about soybean and frost (frost isn’t necessarily a death knell for soy)
Fun:
DIY template for sewing to pass the time (I’m even considering taking this up, I’ve run out of Netflix to watch)
Tillamook farmers dedicate $4M to COVID-19 relief efforts
Video thanks America’s farmers for keeping the nation fed
Purdue student wins YF&R Virtual Collegiate Discussion Meet
Interesting Reads:
Coronavirus-inspired recipes are more about stress relief than survival
Tom Colicchio gives his take on how restaurants will survive
Is COVID-19 the final nail in the Green New Deal coffin? (I am going on out a limb and say YES!)
Pennsylvania dairy bottles own milk to make it through pandemic
7 facts about Black Angus cattle
Large-scale poultry farms: Are animals and farmers treated fairly?
BASF Agricultural Solutions donates $170k to Feeding America
Finance:
Ospraie backs CubicFarms’ indoor ag systems with C$5M
New Forests converts ANZ Forest Fund to semi-permanent structure on 12-year terms
Trendlines agrifood fund makes 2nd investment in agbiotech startup Insectta
Refed launches the covid-19 food waste solutions fund
Alumina Partners commits up to $6M to Bee Vectoring Technologies (I wonder if they can vector out murder hornets!)
Breakthrough Energy Ventures, Temasek co-lead $100M Series C for for Pivot Bio
Phatisa teams with co-inventors to acquire Malawi ag equipment company
IFAD makes first private vehicle investment
Manna Tree closes debut fund on $141M, eyes broader health market
Sustainability framework seeks to encourage tenant and owner collaboration
The Yield Lab Institute launched the Soy Innovation Challenge! This non-dilutive accelerator is aimed at moving forward innovation and technology in the soy value chain that captures value directly back to farmers. The Soy Innovation Challenge goals include the following:
Enhance structures that allow market signals to move between end-users and farmers
Quantify, link and capture sustainability, environmental impacts (e.g. carbon credits, reliefs)
Use this sustainability, environmental-related data to communicate market signals that captures value and profitability back to U.S. soybean farmers
You can find the latest press release here and apply to the challenge here. Do not miss the application deadline of June 1st. We will be awarding $100k in non-dilutive prizes to the selected applicants! Please share this with startups and teams seeking business mentorship and coaching to advance their soy innovations and ideas.
If this pandemic taught us anything is that we all can adapt and change when needed. I’ve learned that I can actually cook more dishes than I thought (and not screw them up). I cannot help but draw from the farmers and agtech entrepreneurs as examples of those traits—they go out there, day after day, putting themselves on the line and nothing is guaranteed. Let’s remind ourselves of this, and when we return back to work that we too have a little more grit and ingenuity than we give ourselves credit for. And the stories of businesses adapting, pivoting and getting acquired are evidence of the resilience of ag that we can call upon.
If you would like to get involved or support the Yield Lab Institute initiatives, please email me at brandon@theyieldlab.com. Stay safe and I will see you next week.
Brandon