East African Grain Market Embraces PanXchange's Live Launch of PXAfrica
NAIROBI, Kenya, Sep 02, 2015–
PXAfrica Ltd, a subsidiary of PanXchange, Inc., celebrated the end of its second week with live negotiations of maize and wheat. There are presently over 20 registered users that represent more than 35% of the Kenyan grains market. One negotiation of maize from Uganda has already traded and the spread between the bid and offer for 5000 metric tons of wheat has narrowed dramatically.
The company offers a web-based software that facilitates the marketing and procurement of agricultural products. PXAfrica caters to producers, processors and traders . Although the initial focus is on Kenyan grains, the site already has active users in Uganda and Tanzania.
“It’s fantastic,” says PanXchange’s CEO, Julie Lerner. “Recruiting smallholder farmers and expanding into cross border trading were activities we had planned for next crop year.” She continued, “but we’ve already witnessed uptake of both in our first two weeks live.”
PXAfrica will expand both regionally and by commodity based on market demand. States Ms. Lerner, “current PXAfrica members are requesting that we offer millet, soybean meal and beans. We look forward to growing as quickly as possible. I am most interested to bring world market grain offers to the region as soon as our members post bids for the same.”
About PanXchange, Inc.
PXAfrica, Ltd. Is a wholly-owned subsidiary PanXchange, Inc. The company’s provides a patented web-based negotiation and trading platform specializing in regional and international physical commodities. The system addresses the complexities of commodity sales and procurement, while also facilitating price discovery (transparency) and liquidity. Built by a former Cargill physicals trader, it offers real-time negotiations of multiple fields, granular counterparty management, pricing mechanisms to avoid unwanted influencing of market values, and all of it anonymously in real–time. Combined, these features create a trading platform that obviates the need for clearing services, allows for an efficient transfer of risk and offers an unprecedented opportunity for objective real-time and historical cash market values.