May was a great month at Farmerce. Purchases were predominantly non selective herbicides. Our sellers continue to post aggressive prices on the Clearinghouse and our buyers respond quickly by purchasing. The Farmerce model was built to be a low over-head, efficient platform to bring buyers and sellers of crop protection chemicals together and it is outstanding seeing that happen. We have recently heard from some customers that we are saving them 30-40% over what they are getting quoted locally. We had Interline sell for less than $21 per gallon in May and 5# Glyphosate sold for under $12.50 per gallon.
The Farmerce Bidding feature was also a great success in its first month. We had over 25 bid requests placed and over 70 bids on those requests. The feedback we've received from buyers has been that our process was easy and transparent. They liked seeing bids in real time and simply can accept or reject the offer with no obligation to buy. Great tool to help navigate crop protection pricing.
|