Iowa Public Television

 

Pioneer Hi-Bred Invests in Online Grain Marketing Service

posted on April 18, 2008


DES MOINES, Iowa - Pioneer Hi-Bred International, a division of DuPont Co., bought a stake in an online marketing service that connects farmers with grain buyers, the companies said.

Farms Technology LLC, a privately held Overland Park, Kan., company that offers procurement applications over the Internet, said it boosts farmers' profit potential by enabling them to market their grain directly to numerous buyers to get the best price.

Buyers, including ethanol plants and feedlot owners, can log onto the Internet site to bid on grain offered for sale.

Financial details of Pioneer's investment in Farms Technology were not released.

The pair recently partnered to develop a new online service, called MarketPoint, and a pilot launched in February for corn growers and ethanol plants in Nebraska.

Growers with more than 60 million bushels of grain for sale registered on the site. The list of buyers that have registered include food processors, ethanol companies and grain cooperatives in North Dakota, Nebraska, Minnesota, Iowa, Kansas and Wisconsin, the companies said.

"The purchase of this equity stake in Farms Technology shows that we are making a long-term commitment to this unique and expanding business," said Paul Schickler, Pioneer's president. "As grain markets expand, we see this involvement as a way to help customers increase their income and drive seed sales."

Farms Technology was formed in 2001. CEO Jason Tatge said participating growers have shown they can make more money through MarketPoint than using traditional marketing.

Pioneer Hi-Bred underwrites the national broadcasts of Market to Market. ___

On the Net: MarketPoint: http://www.marketpoint.pioneer.com

Farms Technology: http://www.farmstech.com

DuPont Co.: http://www.dupont.com

Pioneer Hi-Bred International: http://www.pioneer.com


Tags: agriculture marketing news