Infographic: Growing Use of Mobile Devices to Access Ag Markets
CHICAGO, Aug. 21, 2014 /PRNewswire/ -- This week, a number of scouts are on the road for their annual crop tour across the Midwest. Their four-day trek covers seven states and approximately 70 percent of U.S. corn and soybean crops, but that doesn't mean that they can't stay connected to agricultural markets. In fact, they may be among the increasing number of individuals who are accessing agricultural markets via smartphone or tablet.
As technology has evolved, so too has the way market participants access information about CME Group's agricultural markets. Since 2011, the number of those accessing information about agricultural products on the CME Group website through a mobile device has increased 210 percent, to about 850,000 unique visits in 2013. Of those visitors, five states led the pack in smart phone and tablet visits: Illinois, Texas, Minnesota, New York and California. Information about corn accounted for more than a quarter of all mobile views during 2013, followed by soybeans (17 percent) and feeder cattle (9 percent).
Monitoring markets isn't the only thing market participants are using those smart phones for. Technologically savvy American farmers have discovered numerous ways to manage their risk with mobile technology – from simple text messages to biomass imaging. They can use satellite and infrared imagery to get a birds-eye look at how plants are developing or to track crop growth. New technology is leading to improved risk management for farmers and a deeper understanding of profitability for both lender and farmer.
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SOURCE CME Group