2015-09-28   facebooktwitterrss

Online Trading Platform Passes Major Milestones

In its first week of trading, Graindex, the UK’s only independent online trading platform for the arable sector, has seen 100 users sign-up to the system, selling 1,000 tonnes of wheat and barley worth over £100,000.

Some of the biggest names in the industry including Glencore, Openfield and Gleadell as well as over a dozen regional merchants – who between them accounted for more than half of the combinable crop purchases last year – have already signed up. All say they’re optimistic about the system’s future.

graindex

Andy Hoyles, head of Farm Business at Openfield, was typical of many when he said: “This is a great opportunity for us to get better data and understand what’s going on in the market. Online trading in some form or another is inevitable and for us Graindex ticks all the boxes.”

The system, which is a first for the UK market, is designed to simplify and speed up the transaction process for both buyers and sellers. Twice daily trading periods enables sellers to upload details of the crop they’re marketing, including information about the specification, the movement date and location. These stock profiles are then available for viewing online by merchants who can make offers through the site.

At the end of the trading period sellers make the choice about who they sell to, based on a range of factors – including price – just as they would through conventional, ‘over-the-phone’ trading. The system is currently free to both buyers and sellers.

The system’s creator, Jamie McInnes, says for them it’s all about saving time and cutting the hassle of trading in agriculture. “Most arable farmers absolutely understand the role technology plays in improving margins and yields, but they’ll keep critical information on a whiteboard in the store or the farm diary and still spend half a day if not more, on the phone talking to merchants when it comes to selling.

“This system lets farmers market their combinable crops at the click of a button. They don’t have to sit there monitoring bids and they are under no obligation to sell. But once a deal is done on Graindex, it’s done - just as it would be if you did it over the phone.”

Graindex

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