Kenya plans commodities exchange by yearend

Kenya is planning to start operation of a commodities exchange by December, enabling farmers to have better price information, Bloomberg News reported on its Web site Wednesday, citing an interview with Jimnah Mbaru, chairman of the state-run National Cereals and Produce Board.

The exchange will start trading in corn, wheat and beans, with the crops stored in government-certified warehouses, where inspectors will weigh shipments, grade quality and provide farmers with receipts, Bloomberg reported Mbaru as saying.

Brokers will handle those papers, initially for spot-trading on the floor, although contracts for future delivery and electronic trading could be introduced, Mbaru said, the report said.