Processing steps for Sentinel-1 GRD product

yes, for example classifying water bodies in the image.

GRD products have square pixels and are more or less geometrically correct regarding their geolocation. However, this only works for flat areas. If you have topography in your image, the incidence angle of the imaging system causes geometric distortions. These can be corrected with a digital elevation model. Some more notes on this: The reason of range doppler terrain correction?

If you need the image in its original form, SLC offers you the most options, yes. GRD products are ready to use but they were already processed in a way which could have diminished the information you need. But SLC data do not necessarily contain more details.

[quote=“akenney, post:3, topic:16957”]For context, what I’m trying to do is agricultural crop cycle monitoring, of areas that are on the order of a few thousand square meters.
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I personally would stick to the GRD products then. They are fine regarding their spatial resolution (10x10 m) and you can quickly generate timer-series of data by calibrating the products to Sigma0. The temporal aspect should give you more information than the pure pixel resolution.