SAN CARLOS, Calif. And CHICAGO – (BUSINESS WIRE) – Sep 30, 2021–
Farm business network ( NBF ), the global farmer-to-farmer network and agriculture technology company, today released the industry’s only seed relabeling report that found most farmers buying seed is relabeled, even though the majority of growers interviewed by FBN do not know they are buying relabeled seed. Without transparency in labeling, farmers risk paying too much for seeds – one of the biggest expenses for their operation – and potentially also risk a lack of genetic diversity in their seed mix.
The FBN Seed Relabelling Report is the only report of its kind, based on the industry’s most comprehensive dataset. Producers in the FBN network of 27,000 farmers have contributed over 35,000 seed tags, representing over 8,000 unique seed products, mainly corn and soybean seeds. FBN analyzed these seed tags with over 60,000 unique seed invoice records, sold by 270 different seed companies. These data paint a clear picture of the pervasiveness of the practice of relabelling seeds, even though many farmers are unaware of it.
The report is made available to Farmers Business Network members as part of their free membership. Farmers who provide seed labels to their account will also have access to “as sold as” details for each product that FBN identifies as being relabeled. Contributing to seed tags is simplified through the FBN mobile app, as growers take a photo and upload it in a process that only takes seconds.
A survey by FBN in September found that 31% of FBN member farmers believe they are planting seed that has been relabeled, while, according to data and analysis provided by members in the FBN Seed Relabelling Report, 73% of FBN members actually planted seeds that had been relabeled – indicating that this problem is much bigger than most farmers realize. The opaque seed market can hamper a grower’s ability to make the best decision for their operation and ultimately impact their return on investment.
“The practice of relabelling seeds means that farmers can pay very different prices for the same seed and is a good example of the lack of transparency in agriculture that Farmers Business Network is working to change,” said Amol Deshpande, CEO and co-founder, FBN. “This report shows the power of the FBN network of farmers who, by sharing information, reinforce each other and create the potential to transform agriculture.”
Seed selection is one of the most important decisions farmers make every year. This is one of the biggest expenses in an operation, and seed varieties differ considerably in both price and yield potential. Major crops may have hundreds of products on the market from hundreds of seed companies. Farmers need to correctly select the right seed, optimize its placement in a variety of soils, and select population, treatment, chemicals and fertilizer regimes. Planting the right seed in the right field can make the difference between a farm’s profit and a loss.
To make seed selection even more difficult, farmers also have to deal with a common practice in the seed industry where the same variety is sold under multiple brand names, a practice that FBN has called Seed Relabelling.
The report found that:
- Some companies have relabeled up to 77% of their corn products and up to 80% of their soybeans.
- 57% of brown soybeans were relabeled.
- 49% of corn seed products have been relabelled.
- 73% of FBN farmers planted relabeled seed products.
- This is because only 31% of farmers believe they are using relabeled seed products.
Seed companies re-label their products for a variety of reasons. They may want to increase their product offerings, but do not have the capacity or the financial capacity to develop breeding programs. Some seed companies use relabelling as a branding and pricing strategy.
To download the FBN Seed Relabeling report, which is available free of charge to members, visit: https://use.fbn.com/seed-relabeling-report.
Farmers Business Network, Inc. is an independent agriculture technology platform and farmer-to-farmer network whose mission is to fuel the prosperity of family farmers around the world, while working towards a sustainable future. His Farmers First® promise has drawn over 27,000 members into the network with a common goal of maximizing the profit potential of their farm. NBF set out to redefine value and convenience for farmers by helping to reduce production costs and maximize the value of their crops.
The NBF The network has grown to cover more than 70 million acres of member farms in the United States, Canada and Australia. Combining the best of Midwestern farming roots and Silicon Valley technology, the company has more than 600 employees and offices in San Carlos, California, Chicago, Illinois, Sioux Falls, SD, a Canadian headquarters in High River, Alberta, and an Australian head office in Perth.
To learn more, visit: www.fbn.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210930005696/en/
CONTACT: Amy Wolfcale
KEYWORD: UNITED STATES NORTH AMERICA CANADA CALIFORNIA ILLINOIS
INDUSTRY KEYWORD: AGRICULTURE NATURAL RESOURCES
SOURCE: Farmer Business Network
Copyright Business Wire 2021.
PUB: 09/30/2021 10:53 a.m. / DISC: 09/30/2021 10:53 a.m.
Copyright Business Wire 2021.