

(Posted on 24/09/19)
The industry-wide initiative to modernize global agricultural commodity trade operations has announced that another major partner, Glencore Agriculture Limited, has joined the effort.
“We’ve been interested in the initiative from the very early days and we’re excited now to join as a full partner,” said Glencore Agriculture Limited CEO David Mattiske. “The digital platform this group intends to develop will leverage the newest technologies and has the potential to revolutionize our industry, making contract execution processes more efficient, more accurate and more transparent. These advances are necessary for our industry to continue serving our critical global role efficiently and effectively, and the benefits will be felt by companies of all sizes along the post-trade value chain.”
The initiative, which now includes Glencore Agriculture Limited as well as Archer Daniels Midland Company (NYSE: ADM) (“ADM”), Bunge Limited (NYSE: BG) (“Bunge”), Cargill Incorporated (“Cargill”), COFCO International Ltd (“COFCO International”) and Louis Dreyfus Company (“LDC”), is initially looking at new technologies – such as blockchain and artificial intelligence – to create digital solutions to automate grain and oilseed post-trade execution processes, reducing costs needed to move agricultural and food products around the globe. The group is projecting launch of the new platform in the second half of 2020 subject to regulatory approval.
“This effort is growing, and the reason is clear: we’re offering clear and tangible benefits for the industry, created by the industry,” the initiative participants said in a joint statement. “Customers, partners and other industry participants appreciate both the potential that our platform offers, and the fact that we are partnering with them early in the process to ensure the entire industry’s needs are met.”
Since announcing the project in October 2018, the group has held workshops and roundtable discussions with a broad range of industry stakeholders, including shippers, charterers, buyers, service providers, financial institutions, trade associations, industry standards and regulatory authorities. By collaborating on critical issues such as security and data privacy, technology choices, business model, adoption strategy, and functionalities and capabilities, the group is ensuring that the new platform will meet the needs of the entire industry.
Next steps include development and execution, focusing on a pilot that will cover international
Fertilizers Europe has called on EU co-legislators to ensure that clean fertilizer and ammonia production... Read more
BHP and global engineering, project management and professional services firm, Hatch, have signed an... Read more
Rio Tinto increased its spend with Australian suppliers to more than A$15.3 billion in 2022, as part... Read more
Trafigura Group Pte Ltd., a market leader in the global commodities industry, has announced the closing... Read more
Nexyst 360, an innovative grain transportation solution provider, has partnered with Nexxiot to digitalize... Read more
Cargill has announced the appointments of Joanne Knight as Chief Financial Officer (CFO) and Philippa... Read more
Trafigura, a market leader in the global commodities industry, has entered into a USD 500 million five... Read more
British Steel has announced proposals to close its coke ovens as part of its drive to overcome global... Read more
Global miner Rio Tinto and Japanese trader and business conglomerate Marubeni Corporation have agreed... Read more
Trafigura, a market leader in the global commodities industry, and Ecobat, the global leader in battery... Read more