ON the cattle market scene, there has been plenty of talk about whether artificial intelligence may one day render analysts, and rural reporters for that matter, obsolete.
The newest system, ChatGPT, is making headlines around the world for its ability to generate human-like writing by using word relations predicted by its internal processes.
Earlier this year, researchers showed ChatGPT could score high enough to pass the United States Medical Licensing Exam, giving responses that make coherent, internal sense and contain frequent insights.
The study was done in conjunction with AnsibleHealth, a technology-enhanced medical practice that says it is already using the software to rewrite jargon-heavy reports for easier patient comprehension.
ACM asked ChatGPT to write a newspaper-style article on current Australian cattle prices.
It reported the EYCI finished last week at 1150.25c/kg, up 10.5pc on where it was this time last year. It went on to give similar incorrect figures for the heavy steer indicator.
Half an hour later, ChatGPT reported the EYCI had now dropped to 1106c/kg.
It discussed the drivers of the market in a manner spot-on with the way analysts typically word their insights.
The report it generated was in very much the same style as ACM's regular cattle market reports.
The only problem was the information was all incorrect, from the actual figures quoted to claims such as most of Australia currently being in severe drought and COVID-19 outbreaks currently disrupting supply chains.
Further, while it's words were well-crafted, they often said nothing: "Overall, it seems that the Australian cattle market remains in a state of flux, with prices likely to continue fluctuating in response to a range of internal and external factors. Industry experts remain hopeful that the market will eventually stabilise."
Agriculture market analysts said AI had the potential to assist their work - mostly via presenting new ideas - but was a long way from being able to deliver reliable market information.
And it makes no attempt at market forecasts, instead informing users they will need to speak to an expert for that information.
"As an analyst, we spend a lot of time online searching for information and this will be just another resource or tool for doing that," Rabobank's senior analyst animal protein Angus Gidley-Baird said.
"As with any information source, extensive checks and verification is still required.
"We've found ChatGPT has the potential to present some interesting ideas in a logical form but it's market information is very generic."
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Shan Goodwin
Shan Goodwin steers ACM’s national coverage of the beef industry. Shan has worked as a journalist for 30 years, the majority of that with agricultural publications. She spent many years as The Land’s North Coast reporter and has visited beef properties and stations throughout the country and overseas. She treats all breeds equally. Contact 0427686187. E: s.goodwin@austcommunitymedia.com.au
Shan Goodwin steers ACM’s national coverage of the beef industry. Shan has worked as a journalist for 30 years, the majority of that with agricultural publications. She spent many years as The Land’s North Coast reporter and has visited beef properties and stations throughout the country and overseas. She treats all breeds equally. Contact 0427686187. E: s.goodwin@austcommunitymedia.com.au
