Story by Stanley James, Business Editor
The trade liberalisation of strategic grains is in motion, with the Zimbabwe Mercantile Exchange (ZMX) lining up over 300 000 metric tonnes of maize for trade by mid-June.
The ZMX was approved to include grain on its trading platforms although government-contracted farmers are required to sell the commodity through the Grain Marketing Board (GMB).
ZMX chief executive officer Mr Colleen Tapfumaneyi says modalities to kick-start trading in the commodity have been finalised.
“We are ready for the commodity trading in maize. Right now, we have been offering warehousing receipts and statistics show that over 290 000 metric tonnes of grain have already been receipted, with the warehousing arrangements ahead of the first auction by mid-June,” he said.
Agronomist Mr Ivan Craig described the liberalised trading in grains as a platform that will offer a fair price discovery between buyers and sellers.
“The market is coming at the right time remember it is all about how the government intends to create a viable pricing mechanism while ensuring that those who were contracted by the state continue to do so by selling the commodity to the Grain Marketing Board.”
Under the liberalisation of grains trading, the government has listed the ZMX as an approved agency.
The commodity exchange platform will ensure payments are made timely based on an agreed price between buyers and sellers.