August 1, 2006

Online grain exchange in Australia nearly completed 

A consortium of Australian agriculture and finance industry experts said they are almost ready to launch an Internet trading system for grain, oil seeds and legumes.

Con Galtos from the Australian Grain Exchange is in negotiations with the major grain handling companies. He said the system would give growers access to international prices.

Growers would know that prices offered for their grain are the prices that are offered for everybody else's, he said.

A bidder on-line would have the same rights and responsibilities without regard to the size of the business.

Wheat is the only commodity to be restricted to trade only in Australia under this system.