Agtech Action | Week of 02.26.22 - 03.04.22
Agtech Action is a weekly newsletter highlighting current events in the world of agtech, and some light-hearted commentary
Wheat prices soar to historic highs, war threatens supply of ‘green’ aluminum for beer cans (it comes from Russia), and consumers want food made from American crops. Supreme Court to hear case on EPA’s authority over climate warming gases, a fridge that cooks eggs and wine with dinner (key is with dinner) lowers chances of diabetes.
The theme of the agtech week—technology with intent—reflects on my trip to Vegas this week for Indoor AgCon 2022. A recap of the conference and how indoor/CEA, and agtech in some cases, could benefit from a tech stack and deploying tech for a purpose. Have a wonderful agtech Friday.
Food and the World:
Potential Impacts of the Russian Invasion on the Fertilizer Industry
US dairy: Canada proposal for trade fix is 'unacceptable'
Wild fish stocks squandered to feed farmed salmon, study finds
Africa: Road to Egypt - What's Africa's Agenda for #COP27?
U.S. has Been Spoiled with Past Trade Agreements, USTR’s Tai says
Vilsack to fertilizer companies: Don’t take advantage of Russian invasion
Adult-onset food allergies affect millions of Americans
Feb. 25, 2022: NASDA’s Ted McKinney on farm bill, invasion in Ukraine
Russian Invasion of Ukraine Overtakes Other Washington Issues as Congress Returns this Week
Black Sea Grain Export Disruptions won’t be easy to Replace, Analyst says
Dry weather affects cow inventory
Spring Crop Insurance Price Looks to Smash Records for Soybeans
How Yams Helped My Family Survive Postwar Vietnam
Russia’s invasion of Ukraine will likely ratchet American food prices even higher, experts say
Concern about global food prices and supply (0:00 mark)
World poverty to rise as climate change hits food supplies-UN panel
In Nigeria, Banditry Has Become a Major Threat to Food Security
A Detailed Report on Ukraine's Blood, Sweat, and Tears
What prices surge (Russia and Ukraine account for 30% of exports) (0:00 mark)
72% of people are trying to reduce their sugar intake (0:40 mark)
Biden Announces “Crackdown” On Profiteering Shipping Cartels to Fight Inflation
The IFPA puts agricultural impact of Ukraine-Russia war into focus
Senators demand answers from Abbott on infant formula recall
Commodity prices surge (0:00 mark); biggest weekly gains since mid-1970s
The world needs more acres (0:35 mark); do we pull land out of conservation?
Drought monitor: consumes 60% of the lower 48 (1:10 mark)
Wheat hits new record high (0:00 mark); oil tops $113 per barrel
Canadian Pacific workers approve strike (0:50 mark); fertilizer company worries about supplies
Agtech in the News:
John Deere opens technology hub near downtown Austin
Inari to Bring Growers Proprietary GM Traits in Tandem with Novel Gene Edits
Elanco Adds New Tools to Advance U.S. Livestock Sustainability Efforts
Most active investors by number of deals in Africa, 2021
Livestock Producers Battle Shared Monopolies and Seek to Improve Returns
Kalera completes phase one of Singapore’s first vertical mega-farm
Q&A With FFAR’s Dr. Sally Rockey On AgMission: Unlocking The Potential Of Climate-Smart Ag With Data
Baltimore Farm Nourishes the Community While Promoting Knowledge, Passion For Climate-Smart Ag
A Quantum Leap in Sustainable Agriculture
Consumer Brands Assn. agrees to pay $9M for breaking campaign finance law
Making cement creates huge amount of greenhouse gas. This NC company aims to change that
What is Driving Increasing Investment in AgTech Sector
This new milk alternative uses a ‘cow-free’ dairy protein
Cultivated Meat Has a Production Capacity Problem. Yossi Quint Has a Plan to Fix It.
John Deere’s See & Spray Ultimate Cuts Chemical Use by Targeting Weeds with Precision Spraying
Meat companies lag behind other corporations in the food industry on sustainable water use
U.S. Crop Insurance Guarantee Sees Record-High for Soybeans
Tip of the Iceberg Podcast Episode 74: How seeds honed for vertical farms help retailers
Haier Patents a Fridge That Cooks Eggs
Deepspatial files US patent for artificial intelligence-driven crop yield prediction technology
The $5B opportunity in produce, alternative proteins
UK Tech Partnership to Launch World-First Service Letting Farmers See Through Clouds
War threatens supply of 'green' aluminum for cars, beer cans
Fun:
Century-Old Barn Becomes a Canvas
Wine with dinner lowers chance of diabetes (1:15 mark)
Seen and heard at NGA, Indoor Ag Con
California avocado crop size, prices up this season
Red Cross appeals for $272M (0:30 mark)
Coors is getting rid of the plastic rings (1:00 mark)
Dad shields son from a bucking bull (1:00 mark); that’s a tough cowboy!
Helpful Resources:
The Mr. Wonderful Supported Way to Find Investors
The Growing Prominence of US PE Mega-Deals and Exits
Year after UK review, overseas VCs drive record fintech growth
More at stake in Ukraine than meets the eye
Artificial Intelligence & Machine Learning Report
Analysis of Public US PE Firm Earnings: Q4 2021
Farmers seek more favorable trigger for crop payments
Regulations for Greenhouse Gas Emissions from Passenger Cars and Trucks
Road to Zero Emissions: 55 Companies ranked on Net Zero Progress
Interesting Reads:
What Does Ukraine Unrest Mean for Farmers’ Marketing Decisions?
Why American Farmers Keep Losing Money
How a dramatic win in plastic waste case may curb ocean pollution
Price is No. 1 factor in produce purchasing decisions, FMI reports
Opinion | Why the U.S. Needs to Act Fast to Prevent Russia from Weaponizing Food Supply Chains
NFU files FTC complaint charging Deere repair policies violate antitrust laws
Here comes the sun: Wind, solar power account for record 13% of U.S. energy in 2021
Consumers want food made from American crops
Exclusive: Koch groups launch ad campaign to promote immigration reform
Living And Farming in the World’s Seed Bank
Respond to Ukraine Invasion with Emergency Crops on Conservation Reserve, Says Economist
Poor or No Internet For 3 in 10 of Largest U.S. Farmers
U.S. shoppers hold over-inflated view of food prices
The downfall of the SPAC: Why one CEO called it quits and more will follow
Microsoft Launches Founders Hub in Africa To Support 10,000 Startups
Source makes greenhouses smarter to secure the future of food supply
Bird flu, a major threat to poultry industry, found in Iowa backyard flock, USDA says
Opinion: Prepare yourself for billionaires with a social conscience
Billionaire oil driller invests in Ames-based Summit's carbon-capture pipeline
Consumers seek out specific types of items as organic
Catching crabs in a suffocating sea
Ceres study on water usage in meat, agricultural products, beverages and packaged foods
Opinion: Blaming big agriculture for our inflation woes won’t solve the problem
Farmers most concerned with rising production costs
Bill Gates’ radical menu for food systems: ultra-processed foods, patents, monocrops
Backyard 'Farmlets' Aim to Solve Food-Supply Problems
Ditching vodka to protest Russia? You might be surprised where that bottle is actually from.
U.S. Trade Tactics to Evolve with China's Infrastructure Plan
A vision for more sustainable farmlands
Arizona Starbucks store votes to unionize, as organizing drive gains momentum across the U.S.
Guaranteed income program in DC lowered rates of food insecurity, report says
Q&A: Iurii Mykhaylov, a Ukrainian Citizen That Compares Putin’s Move to Hitler
U.S. environmental enforcement activity has dropped, study shows
Biden’s handling of immigration gets low marks in his own pollster’s survey
Food is unlikely to be part of sanctions against Russia, says agriculture firm
Ag Lender Announces Millions to be Paid to Farmers via Patronage Program
Ukrainian Farmer Pleads: Will You Stand With Us In Our Moment of Need?
Inflation will go higher, but Ukraine conflict likely won’t halt economic growth in the U.S.
Missed Opportunity? Biden's State of The Union Hits Big Meat, Neglects Renewable Diesel
Biden targets ocean carriers in State of the Union address
Waive Fertilizer Dumping Duties, Corn Farmers Ask
Bayer Aims For 2024 Launch of VT4Pro With RNai Technology Corn Hybrids
UN: Africa, already suffering from warming, will see worse
Finance:
AXA IM Alts’ impact strategy backs carbon offsets developer
Brazil to launch national fertilizer plan to stimulate investments -minister
Racial parity in US ag could generate billions of dollars – McKinsey
World’s Largest Salmon Farmer Offers $1.55B For Rival
Vytelle Expands Network of Bovine In Vitro Fertilization Laboratories
In Ovo Raises €34M Series B To Stop Culling Male Chicks Through In-Egg Identification
Bunge North America, Chevron Finalize $600M Renewable Fuel JV
Finland’s Onego Bio Raises €10M in Seed Funding to Make Eggs Without Chickens
New Forests hits $120M first close on Tropical Asia Forest Fund 2
Mycorena closes $27M in Europe’s largest alt-protein Series A
Finland’s Onego Bio Raises Eur10M in Seed Funding to Make Eggs Without Chickens
Australia changes carbon market rules to allow more private sales
From beer waste to ‘plastic’ packaging, Mi Terro downs $1.5M to make the world more biodegradable (congratulations to Mi Terro, a Sustainable Agtech Challenge finalist)
Theme of the Agtech Week: Technology with Intent
This past week, I had the opportunity to speak at Indoor AgCon 2022 on a panel entitled ‘Why Vertical Farms Succeed’. The panel discussed why and how vertical farms succeed from the perspective of the operator, investor, entrepreneur and researcher. Some of the points that our panel made were: 1) find a market fit for your farm, 2) select the correct site, 3) have a solid business model, and 4) deploy technology for a specific end use; which leads to the theme of the agtech week—technology with intent.
To connect this to indoor/CEA, I often get pitched from early stage ventures that are looking to deploy ‘blockchain’, ‘AI/ML’ or any of a number of technologies in hopes of raising venture capital or other investment. My first question is typically: how is this technology going to help you address your market? What is the purpose of utilizing this technology? Unless the startup has a rock solid answer like: it is going to reduce your operational expenses by __ or it will improve productivity by __ , or another measureable outcome, then the technology has no intent. I use indoor/CEA as an example because this vertical has a ton of potential to be disruptive to traditional outdoor agriculture on the West Coast, but it has to deploy its technology solutions with intent and focus. And if that technology allows indoor/CEA farms, operations to drive their business models and price economics on par with outdoor agriculture, then the magic will happen. Stay focused!
A special shoutout to Robert Colangelo of Green Sense Farms, Rick Drescher of Savills and Eric Stein from the Center of Excellence for Indoor Agriculture. And a thank you to Suzanne Pruitt and the Indoor AgCon team for the opportunity to speak at the event. The talks were fantastics and the enthusiasm and energy was high for indoor/CEA; we just need to align ourselves towards a common goal. Thanks for reading.
BD
Brandon Day is the Chief Operating Officer of the Yield Lab Institute, the global agtech think-tank, non-profit arm of The Yield Lab global network of venture capital funds and accelerator programs.