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Could Artificial Intelligence Be Used For Grain Marketing?
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AG IN THE
EMPIRE STATE
E-NEWSPAPER




 * August 6, 2024
 * 
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A grain field sits ready for harvest along Maple Grove Road in Bowmansville on
Monday, July 1, 2024.

 * VINNY TENNIS | Staff Photographer

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COULD ARTIFICIAL INTELLIGENCE BE USED FOR GRAIN MARKETING?

 * Matt Enright, menright@lancasterfarming.com
 * Aug 6, 2024
 * 1 hr ago
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A grain field sits ready for harvest along Maple Grove Road in Bowmansville on
Monday, July 1, 2024.

VINNY TENNIS | Staff Photographer

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The rise of artificial intelligence has led to speculation about what its uses
could be.

One interesting — and surprising — use could be in grain marketing.

In an article, University of Delaware assistant professor of farm management
Kofi Britwum outlined several potential uses, including in grain marketing.



“By utilizing AI with data on these variables, models can be developed to
predict market trends with specific probabilities,” Britwum wrote. “This will
add a level of certainty to farmers’ marketing strategies, aiding them in making
better-informed decisions.”

In an interview, Britwum said AI has been transforming different sectors like
health care, transportation and manufacturing. There’s potential in agriculture
as well, he said.

“Precision farming, how to improve productivity, how can farmers make decisions
regarding their actual farming,” he said, “but there’s also lots of room for AI
to evolve in ag that hasn’t necessarily been touched on a lot.”

Grain marketing, as defined simply by University of Maryland Extension agent
Mark Townsend, is how to sell grain that’s been produced.

“By and large, a lot of growers just sell off the combine effectively, just
throw it into the truck and into the elevator and that’s that,” Townsend said in
an interview, “and effectively what this does is traps you into the lowest price
of the year.”

Britwum said AI usage in grain marketing could be fascinating.



“AI can help us be efficient at production,” Britwum said. “At the end, profits
are coming from markets and I think this is an area where AI can be used to help
farmers make informed decisions.”

With marketing grain, there are a lot of variables to think about. AI could use
historical data to assist farmers in figuring out market trends and price
forecasts to lock in prices, Britwum said.

“Ultimately, all of these would help with risk management

AI, Townsend said, could have a use, though he noted that the models can
sometimes spit out old information. As an example, he noted that if you ask Chat
GPT if Yevgeny Prigozhin is still alive, it will say yes. Prigozhin, a Russian
mercenary leader and oligarch, died in an Aug. 23, 2023, plane crash.

“That’s just a function of when the model was trained and the data,” Townsend
said. “That being said, there’s a lot of price action that has happened in
agricultural markets that AI will not necessarily be privy to based on its
training.”

The value with AI, Townsend said, would be parsing through large sets of data.
Commodity data can be tracked by the minute or second, and having AI delve into
that data quickly and effectively could be a huge value.

As for grain marketing right now?

“The current crop production estimates are very high, and we sit on a very large
reserve of grain from last season,” Townsend said, “and there’s very limited
demand out there, so oversupply and underdemand leads to very low prices and
that’s where we stand currently going into this marketing year.” 


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MATT ENRIGHT

Digital Reporter



Matt Enright is a digital reporter at Lancaster Farming. He can be reached at
menright@lancasterfarming.com



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