Archer Daniels Midland Company (ADM) and Cargill have agreed to form a technology joint venture (JV), Grainbridge.

The JV will provide grain marketing support, e-commerce and account management software to farmers in the US and Canada.

Cargill North America agricultural supply chain president Roger Watchorn said: “Farmers can more effectively market grain and improve their profitability using technology and data analytics.

“They need digital tools that seamlessly connect their production and cost-of-production data from a variety of sources already used on their farms, but those tools simply aren’t available today.

“Together, Cargill and ADM’s unique technology capabilities, grain handling operations and years of farm consulting experience allow us to more quickly create the digital tools that will drive efficiency and profitability for farmers.”

“Farmers can more effectively market grain and improve their profitability using technology and data analytics.”

Grainbridge will focus on the development of new digital tools, which will help farmers in North America to consolidate information on production economics and grain marketing activities into a single digital platform.

Farmers will have access to automated intelligence, which presents changing break-even levels, margin price targets, and total current grain, as well as risk management.

The dashboard will also provide insight into the farmers’ current grain position and real-time opportunities.

ADM Grain president Wes Uhlmeyer said: “Farmers deserve the convenience of technology that gives them the power to make quick, effective and fact-based grain marketing decisions.

“This new joint venture will provide for these needs with a single, powerful, easy-to-use platform for farmers to manage their accounts, make grain marketing decisions and execute transactions.”

Terms of the JV have not been disclosed. The transaction is subject to regulatory approval and is expected to close in the next few months.

Last week, ADM, Bunge, Cargill and Louis Dreyfus Company agreed to focus on ways to standardise and digitise agricultural shipping transactions worldwide.