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Online grain exchange platform continues to expand

by Grain Central, 16 November 2016

CLEAR Grain Exchange (CGX) has expanded to operate at five additional up-country storage sites.

CGX launched services last Friday at Broadbent Grain (Moree, NSW, Lake Bolac, Vic, and Lakaput, Vic) and Southern Ark (Moama, NSW, and Marnoo, Vic) storage sites.

The sites have joined other listed storages, including GrainCorp, GrainFlow, Viterra and CBH sites, at which growers can now sell grain through CGX.

Broadbent Grain accumulation manager, Sam Toll, has been keen to offer the grain exchange at the newly listed sites for some time.

“We’ve always believed an online marketplace can provide real value to our growers delivering to Broadbent and customers identifying and purchasing parcels of grain when they have appetite at our sites,” Mr Toll said.

Southern Ark director, Simon Pritchard, told Grain Central its Moama and Marnoo sites would be accepting grades of wheat, barley, canola and oats this year.

CGX general manager, Nathan Cattle, said opening up the marketplace to more storage providers allowed more growers to access the benefits of the exchange, and deliver improved selling opportunities.

“More than 80 per cent of transactions through the platform are from buyers hitting offers; hence the offer draws out buyers and their bids, and importantly growers don’t lose title of their grain until they are paid for trades via the Exchange,” Mr Cattle said

“We hope more growers become confident in offering their grain on the market. The aim is for the efficiencies gained through the platform to help improve farm-gate returns.”

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