The world's first smart, data-driven beef contract which sets a secure price 24 months ahead has been launched in the UK.
Online platform Breedr has launched the country's first ever long-term minimum-priced contract based on lifetime animal data.
The contract is worth more than £130m to farmers over the next seven years, offering a 24-month minimum price for any cattle with lifetime data.
Beef producers will also receive a proportion of any uplift in price above that.
Rearers can opt to be paid on a per kg growth basis, eliminating the need for capital outlay on youngstock, while advanced payments are available to smooth cash flow.
The network now has over 2,000 farmers and 120,000 registered animals across the UK.
Ian Wheal, founder of the free mobile app, said the development was set to 'transform' the British beef industry.
Mr Wheal said: “As beef producers ourselves, we know how tricky it is to plan ahead with confidence – one batch of bad calves can ruin a farm, as can a downturn in the beef market.
"But by making better use of data we can buy and sell with transparency, predict growth rates, and know that we’re supplying the processor with what they want – ensuring a secure end market and price.
“With Brexit, the whole food industry is facing an uncertain time – but British agriculture is innovating to meet UK and global needs."
Mr Wheal said farmers using the app were finishing animals five months earlier than the industry average, with 24% more carcasses reaching the target specification.
He added they were saving 1.8t/head in feed and reducing their carbon footprint by 20 percent.