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CubicFarms Announces HydroGreen Equipment Installation in Utah

VANCOUVER, BC, March 7, 2023 /CNW/ - CubicFarm® Systems Corp. ("CubicFarms" or the "Company") (TSX: CUB), a leading local chain agricultural technology company, today announced that its livestock feed subsidiary company, HydroGreen Inc. ("HydroGreen"), has finalized the installation of two previously sold machines to Jim Cheney Inc. in Utah.

The equipment was delivered on-site in late December with installation complete in February 2023. Cheney Farms, a beef operation in Fairview, Utah, are now feeding sprouted grain from two HydroGreen DGS 66 machines to their own and neighbouring cattle and can harvest up to 1,150 dry matter pounds per day. Owners Jim and Judy Cheney plan to use the investment to expand their cattle ranch.

"For us the decision was simple—it made a lot more sense to invest in HydroGreen equipment to expand our business than it did to acquire more land," says Jim Cheney. "With the first two machines, we can feed approximately 250 head of cattle, and if we purchase a third machine in the future, which we've built the barn to accommodate, we'll be able to add another 100 to 130 animals which will allow us to sustain our family with the ranch, and that's been a long-time goal."

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Fertilizer Prices, Rates, and Costs for 2023

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While fertilizer prices have declined since spring, fertilizer prices remain high, and fertilizer costs are significantly higher than a year ago. Therefore, reducing rates where practicable seems prudent. Some fields will have soil test levels above those that will cause a yield response from phosphorus and potassium applications. Significantly reducing or eliminating applications in these fields is economically prudent. Moreover, nitrogen applications above university recommendations can substantially reduce returns. Changes in nitrogen prices from now to spring likely will be influenced by changes in corn and natural gas prices.

Schnitkey, G., N. Paulson, C. Zulauf, K. Swanson and J. Baltz. "Fertilizer Prices, Rates, and Costs for 2023." farmdoc daily (12):148, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, September 27, 2022.