Agtech Action | Week of 11.02.24 - 11.08.24
Agtech Action is a weekly newsletter highlighting and commenting on current events in the world of agtech
CA bans sell-by dates, Bowery shuts down, and mine bitcoin while growing tomatoes. Butterball 3Q income slips, turnover on the House Agriculture roster, and ASF culls near 100k pigs in Italy in 2024.
We had a consequential event this week. I’ll spare the politics about it as many will do that for me but I will extract one lesson from it—agency. We all want, and should have, agency over our lives. And this extends to agtech; agency in agtech is a must. How do we create it? I’ll explain in this edition of Agtech Action.
Food and the World:
Secretary Vilsack Discusses Pure Prairie Poultry Closure, Bird Flu Dairy Testing Program
Why 2025 Corn Prices May Rally
Turnover is Certain on House Agriculture Roster, Elections Will Determine Its Scale
Lame Duck Farm Bill Passage Won’t Be Easy, Analysts Say
Reviewing the Latest Ad Hoc Payment Proposal in Congress
Widespread Rain in Forecast; Farmers ‘Grateful for Every Drop’
What Did USDA say in the First Crop Progress Report of November?
Two Ag Committee Incumbents Lose, Many Races Remain Undecided
Farm Bailout Bill Would Cost $21B, Say Analysts
Here’s How Corn Harvest Stacks Up Among Iowa, Illinois, and Nebraska
Rural Landslide is Part of ‘Historic Realignment’ in Trump Victory
What Farmers Should Know Ahead of the November WASDE
Butterball income slips 70% in third quarter
Expect to see more cases of chicken substituting for beef
Stable Near-Term Corn, Soy, and Wheat Prices at U.S. Farm Gate, USDA Says
Which State Has Officially Completed 2024 Corn Harvest?
USDA Reduces Corn and Soybean Production Estimates More Than Expected
Agtech in the News:
Bowery, once a leading indoor farming company valued at $2.3B, shuts down
California Just Became the First State to Ban Sell-By Dates
Making agriculture more resilient to climate change
How refrigeration ruined fresh food
Incubator launch aims to drive California’s ‘critical’ ag robotics sector
EPA Approves First Antimicrobial Treatment of Foodborne Pathogens in Preharvest Agricultural Water
Start-ups in Africa raised $250M+ in funding last month, while Moniepoint made headlines
Gene editing promises to futureproof the wine sector
What does Bowery’s closure tell us about the future of vertical farming?
What impact will Donald Trump's victory have on the agtech industry?
New US president may have little choice but to squeeze ag’s labor pool
ZeaKal's PhotoSeed Technology Validated as First Sustainability-Embedded Trait
Tomra extends Citrus Australia partnership
Farming is more high-tech than ever. Just ask Land O’Lakes’ chief technology officer
Bowery Farming is ceasing operations
Autonomous tech is coming to farming. What will it mean for crops and workers who harvest them?
African Swine Fever Culls Near 100,000 Pigs in Italy in 2024
RaboResearch breaks down ag sector influencers
Beef-on-dairy calves help industry adapt to shrinking herd
USDA Builds on Actions to Protect Livestock and Public Health from H5N1 Avian Influenza
Fun:
20 Fence fix-ups From All Around the Farm
Co-op Tractor’s Complicated History
The Surprising Story of How Peaches Became an Icon of the U.S. Southeast
From Gold Rush to global leader: New book explores California’s agricultural history
73 Acres of Illinois Farmland Sell for Over $17,000 per Acre
Helpful Resources:
Q4 2024 PitchBook Analyst Note: Infrastructure Funds Fuel the Energy Transition
What You Should Consider Before Building Grain Storage
Q3 2024 Launch Report: Food & Beverage CPG
3 ways your checkoff is building demand for pork
2024 Emerging Space Brief: Commercial Space Launch
Q3 2024 US VC Valuations Report
Pensions’ clean energy strategies are unlikely to waver under Trump presidency
Interesting Reads:
Are You Paying Too Much for Chicken?
Building a Better Agricultural Trucking Market
You’re Ordering Takeout Wrong. These Insider Strategies Will Help You Eat Better Every Time.
Why Egg Prices Cause So Much Angst
The vast divide between Republicans and Democrats over fast food
Mining Bitcoin, Growing Tomatoes
The Long Haul of Marketing Bison
How Women Used Cookbooks to Fight for Their Right to Vote
North Carolina farms face depleted, toxic soil after historic Helene flooding
Mining Bitcoin, Growing Tomatoes
Your lawn could host an endangered ecosystem
Row Crop Farmers — and Their Lenders — Prepare for Deepening Downturn
Bringing startup expertise to the boardroom
New York Times Tech Guild goes on strike
Marketing software startup Insider to hunt for M&A targets after $500M raise
Balderton Capital GP on supporting startup founder mental health
88% of Entrepreneurs Struggle with Mental Health: 8 Ways to Cope
Finance:
Aviva Investors launches Carbon Removal Fund
PE playbook zeroes in on operational value creation
October 2024 Global Markets Snapshot
Palladium Equity Partners to exit Del Real Foods
Ceres eyes water in adding Appie Capital execs
Global Corporate Affairs & Communications Leader
Swiss agtech xFarm Technologies raises €36 million Series C to keep digitising the agri-food sector
London’s Aviva Investors Introduces Carbon Removal Fund Amid Nature Tech Strategy
Pymwymic’s Food Impact Sequel Fund Surpasses Target with €71.5M in Investor Commitments
Mizuho Bank Invests $20M Into Pollination Global to Hasten Decarbonization in Asia
Mitsubishi Corp Backs Finnish Aquaculture Tech Company Amid Wider Funding Round
Mizuho Bank takes minority stake in Pollination
Theme of the Agtech Week: Agency
The people voted and the people chose. Some like the choice, and some do not but we have to respect it. Most important about it is we had a choice. All anyone wants is the opportunity, to chose our own way, path, and make our own decision—agency. Connecting this to agtech, too much of agtech is following the trends, reactive and chasing the money. That is not agency. We need more agency in agtech. How do we get there?
Well, my thoughts:
Stop following the trends/fads. They come and go. If your agtech was built to chase the trend, it will change like the wind. That’s not a business model an investor can get behind.
Chose less competitive markets that you can actually compete in. Want to develop more productive seed? That’s great! In corn and soy?! Ok, you do realize there are more than 2 giant corporations already doing that!
Build something you actually like, not something you think people will like. People want to support people. We especially want to support people who are truly passionate about what they are building. That thing you really like, and can get behind—build that! I want to invest in that!
Recognize the status quo but don’t accept it. This is for all the ‘disruptors’ out there. Agriculture isn’t broken and it doesn’t need a savior. It has its flaws, its systems and value chains. Understand them, study them, identify pain points, build solutions, iterate, test, and rinse and repeat.
Pick for and play the long game. Agriculture does not move at your speed, it moves at its own speed. Your technology must be able to handle and withstand that. Not everything can, and should, be solved by software.
There are more points to add to this list but that will be for another newsletter. You have to pick your own lane, for your own reasons, and forge your own path. Your choice cannot be influenced by where you think the most investment dollars, media coverage or other external factors. True agency is doing your homework, identifying a real problem, and creating your own path to solve it. Agtech needs more entrepreneurs who think like that.
Thanks for reading.
BD
Brandon Day is the Chief Operating Officer of The Yield Lab Institute, the global agtech think-tank, ecosystem builder, non-profit arm of The Yield Lab global network of venture capital funds. The views, opinions and commentary expressed are solely those of Brandon Day.