In previous blogs, we’ve discussed how MyAgData dramatically increases acreage reporting efficiency and accuracy for producers, as well as saving them time and money.
But producers aren’t the only ones who benefit.
Results from two pilot studies, conducted in 2018 and 2019, found that the use of MyAgData has the potential to save the USDA, producers and the crop insurance industry almost $½ billion annually.
And here’s how. MyAgData provides more accurate reporting for actual acreage planted by allowing producers to report precision ag data directly from the planter. No more recording puddles, or square footage not planted because of a tree down. Which means reduced premiums for the farmer and reduced liability for the USDA, saving taxpayers an estimated $265 million each year in reduced crop insurance premiums.
When accounting for reduced liability for the USDA and improved APH yields, the savings is nearly $½ billion annually.