Overview
The Inputs Benchmarking Report looks at inputs used in the Traction Enterprise network and gives you an idea of how your input prices stack up against others in your region and across the Traction Enterprise network.
This article will go in-depth on how this report is used and where the data comes from.
Requirements
In order to access the Inputs Benchmarking Report, you will need to have inputs setup in Traction Enterprise via Setup>Inputs. You will also want to have a price associated with each input so you can compare pricing by region and our Traction Enterprise network.
How to navigate Inputs Benchmarking Report?
To navigate to this report go to Inputs>Benchmarking and then select the applicable year you want to look at. You will be able to see a report for every active year you have been a customer with Traction Enterprise. Once you select a year, you will see three areas to this report:
- Seed Pricing Comparison
- Fertilizer Pricing Comparison
- Chemical Pricing Comparison
Select an input category to look into and select the region you would like to see (national or regional).
How to interpret the comparison?
For any product listed on your report, you can compare the price you paid for an input with the median price.
- Your price is the weighted average price of all your deliveries for an input in the production cycle
- Median Price is the median of all Traction Enterprise grower prices for the same product
- Price Difference to Median (%) shows you the percentage difference your price is from the Median Price.
- Price Difference to Last Year (%) tells you how much more or less you paid for that input last year, in percentage terms.
How is the Benchmark Price calculated?
- The benchmarked price is the median of all invoiced prices that growers have entered in Traction Enterprise (if an invoice was not entered, we use the grower's estimated price).
- We use the median instead of the average to prevent outliers from skewing the average.
Details of Analysis
Traction Enterprise defines regions according to the USDA. There must be a minimum of ten growers with prices in order to do the price comparison. If there are less than ten prices for a product (including your price), Traction Enterprise puts an N/A in the comparison. If no comparison can be made for any product, the column is not shown.
The data used to generate an Inputs Benchmarking Report includes:
- Your most recent 2-year input prices from Traction Enterprise
- These are the actual prices, as specified on input deliveries
- If no actual price, we default to the estimated price
- If no estimated price, the input is not included in the report
- Other grower's prices
- National prices include both the United States & Canada
- Northeast region includes prices from NY, CT, RI, MA, VT, NH, ME
- Southeast region includes prices from KY, TN, NC, SC, GA, AL, MS, FL
- Mid-Atlantic region includes prices from PA, WV, VA, DC, MD, DE, NJ, VI, PR
- Western region includes prices from AK, WA, OR, ID, CA, NV, AZ
- Canada region includes prices from Canada
- Mountain Plains region includes prices from MT, ND, WY, SD, NE, IA, UT, CO, KS, MO
- Midwest region includes prices from MN, WI, IL, IN, MI, OH
- Southwest region includes prices from NM, TX, OK, AR, LA
Disclaimer
- To ensure data accuracy, there must be a minimum of 10 growers with prices in order to do the price comparison.
- Prices come from invoices growers enter into Traction Enterprise, if no invoices are entered, we use the grower's planned price.
- All prices are production cycle based.
- Use your discretion on what the median price means for you. We cannot guarantee that the median price reflects discounts, seed treatments, traits, pre-paid discounts, rebates, or taxes.
Please Note:
- Traction Enterprise relies on accurate data from other growers
- Your region is the region the majority of your boundaries are in
- Quantity prescribed in a given year is not necessarily the quantity purchased in that year -- currently we do not know that information
- Traction Enterprise does not know when the order was placed (timing of the order)
- Traction Enterprise uses $1 USD = $1.395 CAD to convert all prices to USD
Related Articles
Getting Started: How to setup Inputs