Data Security, Being Patient in Cattle Markets, and Dry Weather Impacting Corn Yields

Today we start with a look at the why's and how's of keeping your data secure, then turn to how those in cattle markets need to be patient when they see the market fluctuations like we've seen in the past few days. We finish up with how the recent weather may impact yield estimates. 

Transcript

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Hello and welcome to ChatBDC. Here's the top stories from Black Dirt Daily today, which is Thursday, July 30th. Today we're going to focus on the security of your data, why it's important to be patient in cattle markets and corn getting hit hard by weather. So let's get to it. Starting off in dairy in an article by Jennifer Schik that's on dairyherd.com. There's a tremendous amount of data that's generated every day on a dairy farm. People often overlook taking steps to make it secure from outside forces. Tracy Silper, who is a senior director of data excellence at Keystone Cooperative, believes the biggest mistake farmers make today when it comes to their data is failing to realize who they might be giving it away to for free. He says it's being in a hurry and blindly accepting terms and conditions just to gain access to a tool, platform, or service without fully understanding what rights they're giving away in the process. He says the reality is that many of those agreements contain important details about data ownership, data sharing, retention, model training, and third-party access that can have long-term implications. He says the challenge is finding the right balance between protecting farm data and creating value from it. Data locked away has limited value, while data shared without understanding the terms can create unintended risk. Sulper says the goal should be to make informed decisions when it comes to that data and to determine what value it might have to others and any concerns around sensitivity or competitive advantage. He says the rise of AI chat box makes this even more important, as it has never been easier to leak data without understanding what's happening. Ironically, he says AI may also be one of the best tools to solve the problem. He has four tips to put up guardrails to protect your farm or business from cybersecurity threats. First is implement role-based access so everyone knows their role and their appropriate access to data and then stays in their lane. Second, secure all devices, secure configurations within your business to ensure only the allowed devices from the team can access your network. Third, always have a backup plan. Critical information should always have a copy stored somewhere safe and separate from the original. If your system crashes, a device is lost, or something gets accidentally deleted, your backup means you can recover without starting from zero. Finally, be sure to train your team. Bottom line, know what you have, where it is, and what would happen if it were lost or exposed. Switching over to cattle markets in an article by Shay Lee Stewart on DTN Progressive Farmer. On Monday, we saw the market crash lower and the first opportunity traders had to react to the data and announcement shared by USDA last Friday, but on Tuesday, the market turned on a dime and seemed to forget all the fear and panic that occurred just the day before, which logically leaves people wondering what the hell's going on and what's next. What's becoming more important is we must be diligent market participants who are fixated on securing a profit, and we can't be rattled and upended by every head fake the market makes, Shalee says, which sounds like a noble plan, but it can be difficult to follow and live by when your time, income, and equity are all at stake. But with that thought in mind, being diligent market participants who are fixated on profit but not shaken by every bobble in the market, consider these thoughts. First, make a plan and stick to it. Find ways to improve revenue and analyze costs. Make sure your margins are as robust as they should be. Secondly, don't take your eye off the prize, and that prize is your long-term goals. When the market makes short-term turns, understand how that affects your long-term plan. Check out the rest of Shayley's article on DTM ProgressiveFarmer.com. And a link to it from BlackDirt Daily.com. Finish up with an article by Tyne Morgan on AgWeb. Triple digit heat indices swept across the Midwest and Plains late last week and into the weekend. The damage is already showing up in numbers. USDA's weekly crop progress report released earlier this week showed the steepest week-over-week decline in corn good to excellent condition ratings for this point in the growing season in nearly 20 years, catching even the most bearish analyst estimates off guard. USDA now rates the corn crop at 63% good to excellent, 25% fair, and 12% very poor to poor. The four-point drop in the good to excellent category from the previous week marks the single large the four-point drop in the good to excellent category from the previous week marks the largest single-week decline of the year. And while a decline in condition ratings was expected, the drop was larger than what the trade expected leading into Monday's report. The last time condition ratings dropped at least four points at this point in the year was way back in 2007. This time it wasn't just the heat, but also the lack of moisture. While most states posted losses in ratings, a handful of states, including Missouri, Tennessee, and North Carolina, actually eked out minor gains of less than half a point each. These weather changes are starting to impact yield estimates. So be sure to keep a keen eye on market fluctuations as we start in, start to get into the final stages of this growing season. Well, that's all for now. As always, thanks for tuning in. If you found it useful, please drop a comment. Be sure to make check out BlackDirtDaily.com as well for the few full stories behind these topics, and don't forget to sign up for the Black Dirt Daily newsletter. I'll be back tomorrow with more business news across the AG and financial markets. Until then, I'm Mike Opperman, and goodbye for now.