Agtech Action | Week of 05.23.20 - 05.29.20
Locusts devour crops in Pakistan, Plastic silverware the norm in restaurants and celebrities get into the agtech game. And some words on key ag issues that we need to stay on top of.
Deep breath, the week is over! A collective exhale as we unwind a busy week in agtech. From animal activists targeting pig farmers, important discussion and resources for mental health of farmers, to Oprah and Katy Perry getting into the agtech game! Signs are showing we are moving in a positive economic direction and agriculture, agtech is front and center in that renewed optimism! And a few closing remarks on key issues in ag that we need to stay on top of. Read away!
Food and the World:
‘Unstoppable’: African Swine Fever deaths to eclipse record 2019 toll (I hope that COVID does not divert our attention away from this, as this could be catastrophic for food supply)
Africa: Nigeria, others urged to retool budgets, enhance agriculture production
Venezuela reaches UN deal to use gold held in UK bank to buy food
New data shows plant-based food outpacing total food sales during COVID-19
Plastic bags have lobbyists. They’re winning. (8 states ban the bag but nearly twice as many have laws protecting them)
Business is booming for many small, local meat processors and butchers, as massive slaughterhouses face COVID crises (personally, meat tastes better from the smaller processors)
‘How about next June?’ Small meat processors backlogged as virus idles big plants (it is not a supply issue, it is a processing issue with meat; we are getting a lesson in food supply as we speak)
Instacart promises a safer way to shop, but workers tell a different story
At least 3 recent e. Coli outbreaks in lettuce linked to nearby cattle
In Bristol Bay, Alaska, locals fear COVID-19 will arrive along with 12k temporary salmon workers
China buys more, will it be enough for Phase 1? (US ag was leading target of retaliatory tariffs by China)
JBS beef plant ordered closed in Brazil’s Rondônia state due to pandemic (and it starts in S. America)
A North Carolina salon reopened, but poultry workers aren’t welcome yet due to COVID-19
Ivory Coast rejects report showing rising child labour in cocoa sector
‘Many will starve’: Locusts devour crops and livelihoods in Pakistan
Agriculture in the News:
Animal rights group targeting Iowa pig farmers depopulating herds (this is just down right exploitation of a hard situation pig farmers are in!)
COVID-19 makes the case for more meatpacking robots (in Denmark, automation has made slaughterhouses safer)
Hide the silverware: Plastic forks rule as restaurants reopen
Land O’Lakes offering free WiFi to rural communities. Will other companies follow? (rural connectivity issues must be addressed if technology is to be adopted, accepted in ag)
Wheat price volatility picks up on weather concerns
Own grain/feed before a weather market, analyst says
Grocery prices rising at highest rate since 2012 (I noticed it over the weekend with ground beef prices increasing)
Poultry slaughterhouses slides but not as far as beef and pork
Bayer reaches deals on big share of 125k Roundup weedkiller suits (Finally reached a deal)
88% of the US corn crop is seeded, below expectations, USDA reports (somewhat good news, especially for feed industry)
FDA rolls back ingredient and calorie labeling regulations, citing supply chain disruptions
6 Agtech startups selected for Wells Fargo Innovation Incubator (a Yield Lab company and a few from St. Louis!)
Corn is oversold; watch for short covering to provide price spark, analyst says
Hog farmers need relief from Senate & to be aware of activist
In the COVID economy, TX’s commercial fishermen are barely treading water
Coronavirus threatens China’s devotion to chopsticks and sharing food (that would be a shame)
Helpful Resources:
Thinking about replanting corn? Think hard. (farmers may be better off with poor stands than replanting)
$40 per pig to help cover disposal costs for Iowa producers (apply this week for 1st round of funding)
Caring for bulls during the breeding season
Breaking the stigma of farmer suicides (such an important and underreported issue)
Fun:
Dairy farmers donate milk & cheese to Michigan food banks
‘Raising Gallons’ video released to celebrate National Dairy Month
Interesting Reads:
Tyrone FFA students get 1st-hand understanding of farming with a disability
My advice for coping with COVID-19 anxiety and depression: Eat like a raccoon
The case for letting the restaurant industry die
Private-label products for supermarkets might get boost as shoppers look to cut their grocery bills (some private-label soda is actually better!)
Many state fairs canceled; status of others still in flux
New on-the-ground conservation expertise available to farmers
Finance:
Northern Australia aquaculture could quintuple production in 5 years
Abu Dhabi’s ADQ acquires 50% stake in Al Dahra amid food security push
‘Pent up consumer demand’ helps Imperfect Foods secure $72M Series C
ApisProtect partners with Microsoft to protect honeybees (another Yield Lab company!)
Sound Agriculture raises $22M for on-demand plant breeding platform
Apeel Sciences secures $250M in funding and unicorn status on road to tackle food waste (Oprah and Katy Perry are getting in the agtech game!)
IAG’s Firemark Ventures invests in Digital Agriculture Services
Rest to deploy A$500M in agriculture over next 5 years
Bain & Co. leads coalition seeking up to $100M for African ag intermediaries
Oaktree’s ag investments to remain focused on midstream assets
Next week is the exciting conclusion of The Manure Innovation Challenge! The Manure Innovation Challenge will conclude with a virtual-style pitch event on June 2nd at 8 am PST. Our 8 participating startups will pitch their innovative technologies, products to a panel of judges who will decide which of the bunch gets the $50k non-dilutive prize! Register for this exciting pitch event here! We hope you can join us and support this important initiative for farmers, sustainability and agriculture.
The Yield Lab Institute is pleased to announce that the Soy Innovation Challenge has extended its application deadline to June 20th. This is a challenge centered around business mentorship, entrepreneurial networking with the Yield Lab's and the USB's network to help those soy innovations with the most promise grow, scale and commercialize. Our focus is on those technologies, innovations and ideas that better communicate market signals from the demand side back upstream to the farmers, and those ideas that are able to capture sustainability, environmental impacts and monetize that more directly back to farmers.
We invite startups, teams (research and project teams are welcome) with innovations all along the soy value chain that align with our outlined mission of capturing value back to farmers. Each selected participant gets assigned a business mentor for the duration of the challenge (1 year) and they are eligible for $100k in non-dilutive prizes. Apply now before the June 20th deadline.
A few things to note that we should not take our eye off because of the pandemic: African swine fever (see article above), sustainability of food sector (see restaurant articles above about one-time use plastics, silverware becoming new norm), and rural connectivity (this is paramount if you want agtech to adopt technology or be ‘disrupted’ as the buzzwords go). These are just 3 of several key issues that should remain front and center of our minds as agtech stakeholders, despite the immediate concerns of the pandemic. It would be a shame to take our eye of these and let years of hard work and progress be set back because of a momentary lapse. Let’s stay vigilant!
If you would like to get involved or support the Yield Lab Institute initiatives, please email me at brandon@theyieldlab.com. Stay safe and wash your hands.
Brandon