The industry-wide initiative to modernize global agricultural commodity trade operations announced that another major partner, Glencore Agriculture Limited, has joined the effort. The project that is looking to increase transparency and efficiency through digital technologies is projecting launch of the new platform in the second half of 2020.

The industry-wide initiative which includes Archer Daniels Midland Company (ADM), Bunge, Cargill, COFCO International and Louis Dreyfus Company (LDC) announced that another major partner, Glencore Agriculture Limited, has joined the effort. “We’ve been interested in the initiative from the very early days and we’re excited now to join as a full partner,” said Glencore Agriculture Limited CEO David Mattiske. “The digital platform this group intends to develop will leverage the newest technologies and has the potential to revolutionize our industry, making contract execution processes more efficient, more accurate and more transparent. These advances are necessary for our industry to continue serving our critical global role efficiently and effectively, and the benefits will be felt by companies of all sizes along the post-trade value chain.”

The group is projecting launch of the new platform in the second half of 2020 subject to regulatory approval. “This effort is growing, and the reason is clear: we’re offering clear and tangible benefits for the industry, created by the industry,” the initiative participants said in a joint statement. Next steps include development and execution, focusing on a pilot that will cover international bulk shipments of soybeans from Brazil to China.