Benefits to world agriculture through remote sensing
Remote sensing of agricultural land permits crop classification and mensuration which can lead to improved forecasts of production. This technique is particularly important for nations which do not already have an accurate agricultural reporting system. Better forecasts have important economic effects. International grain traders can make better decisions about when to store, buy, and sell. Farmers can make better planting decisions by taking advantage of production estimates for areas out of phase with their own agricultural calendar. World economic benefits will accrue to both buyers and sellers because of increased food supply and price stabilization. This paper reviews the econometric models used to establish this scenario and estimates the dollar value of benefits for world wheat as 200 million dollars annually for the United States and 300 to 400 million dollars annually for the rest of the world.