AgriDigital and Clear Grain Exchange (CGX) are excited to announce they are collaborating to bring a complete commodity management and marketplace solution to storage providers around Australia.
The AgriDigital platform provides a commodity management system ensuring the integrity of grain provenance and administration, while the CGX technology enables market forces to achieve true value for grain.
When utilising both AgriDigital and CGX, storage providers can offer their customers access to a more complete online service that brings their sites into the digital age.
The collaboration, agreed in September 2017 enables storage providers of any size to provide their customers with access to two of the world’s leading technology platforms to seamlessly manage their grain transactions.
Ben Reid, AgriDigital Co-Founder and Executive Director, stated ‘the collaboration with Clear Grain Exchange is just the beginning of what is set to be an incredible value add for the grains industry. CGX is a proven trading engine with runs on the board in creating value to all industry participants. We see great potential for the collaboration to evolve, and look forward to potentially developing a more seamless user experience in the mid to long term.’
Nathan Cattle, Clear Grain Exchange Managing Director, said ‘the decision for CGX to collaborate with AgriDigital was an easy one. We are impressed by the technology AgriDigital has developed, and our service offerings are complementary. For grain to trade on CGX, we require specifications of the grain such as weight, quality, location and ownership. AgriDigital’s platform provides integrity and security around this information at more sites, which is great for our online market.’
How it will work for the upcoming 2017/18 harvest:
For storage providers utilising both AgriDigital and CGX, the process for their grower customers will be simple and easy:
- A grower would deliver grain onto a receival site as per normal, with the added benefit of live delivery notifications sent, as well as access to AgriDigital’s online platform to view all their delivery information in real time on any device.
- The grower then accesses CGX and creates a firm offer on their delivered grain, specifying both the quantity and price for which they are willing to sell. This offer will then be promoted anonymously in the CGX market to all buyers.
- Upon the offer trading, CGX will provide live notification of the sale as well as further instructions on how to transfer these deliveries into CGX’s secure settlement facility.
- Based on these instructions, the grower would access their deliveries in the AgriDigital platform and transfer the appropriate deliveries to CGX, specifying the CGX trade reference.
- CGX’s secure settlement facility will then process the trade, and upon receipt of funds from the buyer, payment to the grower and title transfer to the buyer will occur simultaneously.
The collaboration also extends to traders wishing to sell their inventory on CGX. This process is as follows:
- A trader with ownership of inventory at a site utilising AgriDigital will be able to view their inventory via the AgriDigital trading platform.
- They then access CGX and create a firm offer on their inventory, specifying both the quantity and price for which they are willing to sell. This offer will then be promoted anonymously in the CGX market to all buyers.
- Upon the offer trading, CGX will provide live notification of the sale as well as further instructions on how to transfer their deliveries into CGX’s secure settlement facility.
- Based on these instructions, the trader would access their inventory in the AgriDigital platform and transfer the appropriate quantity to CGX, specifying the CGX trade reference.
- CGX’s secure settlement facility will then process the trade, and upon receipt of funds from the buyer, payment to the seller and title transfer for the buyer will occur simultaneously.
About AgriDigital
The AgriDigital platform is an integrated, commodity management solution for global agricultural supply chains that allows buyers, storage providers and farmers to interact in a single platform.
About Clear Grain Exchange
CGX technology provides a platform that enables buyers and sellers to transact in a simple, secure and transparent online market. CGX is firm market driven by firm offers, firm bids and real trade data.
For further information, please contact Ben Reid from AgriDigital and Nathan Cattle from Clear Grain Exchange.
Ben Reid — AgriDigital Co-Founder & Director
m: 0428 864 870
e: ben.reid@agridigital.io
w: www.agridigital.io
a: Level 5, 9–13 Young St, Sydney NSW 2000
Nathan Cattle — Clear Grain Exchange Managing Director
m: 0427 774 051
e: nathan.cattle@cgx.com.au
w: www.cleargrain.com.au
a: Level 1, 616 St Kilda Rd, Melbourne VIC 3004