BY TATIRA ZWINOIRA THE Zimbabwe Mercantile Exchange Private Limited (ZMX) has listed soya bean on its trading platform with government approval as a pilot project ahead of the bigger cash crops such as maize, wheat and cotton.
ZMX, launched on October 18, 2021, operates an electronic warehouse receipt system (WRS) and a commodity trading platform for the trading and financing of agricultural commodities.
According to its website, the WRS enables commodity holders like farmers to deposit their commodity with a designated warehouse in exchange for a receipt, a negotiable instrument that can be used as collateral for credit facilities or for spot trading.
The soya bean listing makes it the fifth commodity to be listed for spot trading after white sorghum, red sorghum, millet and sugar beans.
“This trading is starting as a pilot that will allow decision makers to draw lessons that will help the modalities for the subsequent trading of other strategic commodities on the platform without prejudicing the national food and nutrition security of the country,” Agriculture permanent secretary John Basera said in a speech read on his behalf at the listing.