Belarusian commodity exchange starts trading in malting barley
Belarusian Universal Commodity Exchange has started trading in malting barley, BUCE spokesman Roman Yaniv told BelTA.
“During two trading sessions on 7 and 9 September, one of the largest domestic malt producers purchased 950 tonnes of malting barley. Sellers were Russian companies. A total of 75 suppliers participated in the last trading session. We expect that this will mark the launch of the regular exchange trade in malting barley, which is in demand in the brewing industry,” Roman Yaniv said.
“Despite the continuous increase in the domestic raw material base and the emergence of new domestic varieties, Belarusian producers still have to buy significant volumes of malting barley abroad,” Roman Yaniv said. “Moreover, the competitiveness of the finished product – malt – directly depends on the quality and cost of raw materials. BUCE provides access to leading suppliers of barley from near and far abroad The high level of competition during trading makes it possible to conclude transactions on the most favorable terms. Naturally, the launch of trades in the new product was preceded by serious preparatory work. But the very first trading session clearly demonstrated the effectiveness of the exchange mechanism,” he stressed.
Roman Yaniv noted that both buyers and sellers are interested in participating in trades in malting barley. It is an opportunity to both save on purchase costs and also get access to large customers. This is evidenced by the number of orders for purchase and sale placed in the BUCE trading system.
Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.
In January-August 2021, Belarusian Universal Commodity Exchange registered more than 8,000 transactions in agricultural products for a total of Br926 million. The number of transactions increased by 80% year-on-year, and their amount – by 54%.