… years ago, we thought of the Web as a new medium, not a new economy.  ~ Clement Mok

The Internet may be fundamentally changing how economies work; case in point, social media is beginning to influence the business of farming in the American Heartland, reports Diane Eastabrook of Nightly Business Report.  Farmers are communicating with each other about growing conditions and commodity traders are keeping track of their real-time conversations, with grain futures in the balance.

Farming is an especially tough business to be in, subject to the whims of nature, the pressures of global supply and demand, and not to mention, the possibility of crop failure.  So having the latest, first-hand information is key to tipping the scales in the farming community’s favor.  Social media by way of Facebook and Twitter provides farmers, seed companies, and grain processors access to each other’s observations, and traders a greater opportunity to hedge their bets on futures contracts.

So, do you follow social media to get the inside track on shopping deals?  What are prices of grain products like in your area?  Share your thoughts on how the economy is changing as a result of social media.

Vanaja R.

Nightly Business Report – The Facebook Economy:  The Farmers’ Report

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