By Mark S. Nelson, J.D.
The CFTC’s Agricultural Advisory Committee (AAC) recently met in Overland Park, Kansas to discuss agricultural lending and the growth of options in agricultural markets. Although the focus was ostensibly on financial issues affecting farmers, artificial intelligence (AI) also was mentioned in at least one commissioner’s opening remarks. “Ongoing climate and geo-political issues affecting our nation’s farmers and ranchers underscore the importance of access to capital as well as tools for hedging, financing, and managing their risk,” said CFTC Chair Rostin Behnam in an advance press release that set the AAC’s meeting agenda.
Artificial intelligence. In her opening statement, CFTC Commissioner Kristin N. Johnson briefly addressed some of the issues and opportunities that artificial intelligence (AI) poses for the agricultural community. She noted that the federal government has backed efforts to advance precision agriculture through the creation of AI research institutes. Precision agriculture, she said, can help farmers make decisions about crops and fertilizer use with the ultimate goal of increased sustainability. Some these efforts were documented in a GAO report issued in January 2024, which Johnson had cited in her remarks.
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