The longstanding western Canadian marketing consultants FarmLink Marketing Solutions has launched a new grain marketing platform for small- and medium-sized farming operations that sets a new standard for the sometimes difficult decisions on when to sell crops.
Welcome to GrainFox. Launched in late winter, it is designed to analyze tons of external marketing information, along with as much crop production and financial information and data as an individual farm can supply, to produce a personalized marketing strategy.
Based on all past and current grain market information, along with crop production, risk tolerance and cash flow needs, it will recommend the best time to sell each crop and empty those bins. It’s billed as being simple, specific and custom made based on a farmer’s needs.
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GrainFox thrives on data. At the heart of the new platform is newly developed technology called Smart Advisor. Information and data is fed into it. Then, using machine learning and artificial intelligence technology, Smart Advisor analyzes all of that data to produce a marketing strategy, specific to the farm.
“We’ve been in business some 20 years helping farmers take their crops from bin to bank,” says Mark Lepp, founder of FarmLink, who today is founder and CEO of GrainFox.
“We have primarily worked with larger farming operations and have always strived to improve our analytics to help producers make the best marketing decisions.
“In recent years, we identified there is a gap in the marketplace, seeing that small- to medium-sized farmers have been underserviced as it relates to grain marketing. So, we wanted to create a platform that was cost effective, had self-serve options while bringing more value and tools to producers to help them make more informed grain marketing decisions. It is a unique service,” says Lepp.
“We are the first in North America with a tool like Smart Advisor technology that provides personalized sales recommendations to the grower. By analyzing data — from the global marketplace as well as for your farm — it completely removes any bias and emotion from selling decisions.
“We take the emotion out of it — quiet the noise of market clutter. We make it easier for clients to stay updated on what’s happening in the market and then decide what to do about it.”
Those interested don’t have to opt into GrainFox full tilt. The company offers a 30-day free trial. If you like what you see, a subscription fee including the Smart Advisor technology will cost $200 per month. Details are available online at GrainFox.ca.
Tested by farmers
Developed over the past year, Smart Advisor had to make sense out of a huge data volume and it had to be easy to use.
“The program was developed with an extensive team that included data scientists, software designers, market analysts, farm advisors as well as farmers themselves,” says Richard Surendrakumar, chief product officer.
“One of our key objectives was that it had to be easy to use. It has been tested extensively by farmers and we’ve made changes to improve its operation. We have listened to our customers. And we will continue to listen as we go along and continue to make improvements as recommended.”
GrainFox can be accessed through apps compatible with IOS and Android smartphones. Online there are several videos that guide farmers through the use of the software, although live customer support is available as well, says Liz Pham, chief growth officer with GrainFox.
“There is excellent resource information online,” says Pham. “But with GrainFox, you will always have the option to speak directly with a customer success specialist and to upgrade for access to a personal grain marketing advisor.”
Bring on the data
GrainFox developers say the software is designed to analyze larger volumes of external and internal data. On the external front, it can access and analyze past and present market trends and a range of factors that affect the global marketplace for a wide range of different crops. By analyzing that information, the Smart Advisor develops market patterns and algorithms.
On the internal data front, farms can enter data from their own operations.
“Farmers probably have a dozen different data silos on their farms that operate in isolation of each other,” says Lepp. “We want to bring all of those data silos together to use that information from their own operations to power their wealth management tool.”
Using on-farm data leads to personalized sales recommendations.
“Depending where you farm, a producer may have anywhere from four or five to perhaps 14 different crops in rotation,” he says. “Those crops are what we call a commodity portfolio.
“Starting with that information, we then marry in all of the dynamics that make your farm tick. There are literally dozens of features producers take into consideration as (they) make (their) decisions to sell, including such things as risk tolerance … as well as cash flow requirements.
“Right now, for example, a lot of producers look at buying fertilizer and seed and when to make those purchases, so cash flow for each operation needs to be considered. And the program also factors in crop movement. When do those bins need to be empty?
“GrainFox takes all of this external and internal information — synthesizes current data, historical data from the marketplace, as well as data from your own operation — to generate that personalized sales recommendation.”
GrainFox was designed with an accommodating application programming interface. That means it can facilitate a smooth transfer of information from one data platform to Smart Advisor. Data or even spread sheets on each farm can be transferred without being re-entered.
The program features include the following:
- Advisor resource hub and market data: Get a snapshot of the futures market or dive deeper to get a better perspective on the trends affecting the farm business with geopolitical insights and advisor reports.
- Price finder: Find and compare crop prices locally and across North America, set price alerts and save searches to check back regularly.
- ROI calculator: Quickly tabulate fixed and variable expenses, calculate potential returns and compare the farm against provincial benchmarks.
- Farm profile: Oversee all aspects of the operation, including farms, production, inventory, sales and contracts. Keep track of everything from anywhere at any time.
- Risk profile: GrainFox uses a discovery questionnaire to identify the level of risk tolerance and creates customized sales recommendations and sales strategies based on the results.
- Cash flow planner: Keep track of cash in/cash out, current balances and projections for the coming crop year. Plan for potential shortfalls, identify the best loan terms and make informed cash flow decisions.
- GrainFox messenger: Communicate with everyone on the team, share files, and get one-on-one support with the GrainFox Customer Success Team.
“Producers want clear, unbiased insight into specific grain-selling decisions based on their best interests,” says Lepp. “We see GrainFox as a trusted, reliable and secure source of information for all things related to grain marketing.
“Producers will have the ability to connect all of their data relative to grain marketing decisions in GrainFox to develop the best marketing strategy possible.”
