ON the back of increased demand, Clear Grain Exchange (CGX) will trade an extra two hours at the end of each trading day to accommodate customer requests and growth in WA.
As of last Saturday, the independent grain exchange moved the market close from 6.30pm AEST to 8.30pm AEST (5.30pm AWST).
The extension to live trading hours is national and is due to customer demand from grain sellers and buyers, particularly in WA, who wanted more opportunity to trade.
CGX managing director Nathan Cattle said the purpose of the exchange was to make it easier for all buyers to purchase grain direct from growers and ensure growers receive what their grain is worth.
Mr Cattle, who hails from Lake King, said the team was energised by the customer response and the exchange’s ability to adapt and deliver for them.
“The feedback from customers was opportunities to trade were being missed because market trading hours were closing at 3.30pm in WA during the months of daylight saving in the Eastern States,” Mr Cattle said.
“Often we were seeing an offer and bid match within a couple of hours after market close especially given there have been market-leading bids on the exchange as buyers jostle for grain.”
As an example, Mr Cattle said in the past week or so BFED1 barley had traded at $315 a tonne FIS Kwinana on CGX when the best public bid reached a high of $310/t.
OAT1 and OAT2 oats traded as high as $431/t and $420/t FIS Kwinana respectively.
ANW1 and ASW1 wheat has traded $358/t and $343/t FIS Kwinana when the best bids were $348/t and $340/t respectively.
More recently feed barley and oat values have cooled a little but Mr Cattle is confident there is still plenty of appetite for grain.
Last season 23 different buyers bought grain in WA through CGX, with more searching to buy grain.
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“We’re confident there are plenty more buyers wanting to buy WA grain, which is good for growers,” he said.
Over the past 12 months traded volumes in WA have climbed more than 350 per cent from the previous 12-month period as growers get to know who CGX is and what the exchange aims to do.
“Growers are creating value by offering in a live, independent and secure exchange where all buyers can try to buy their grain,” Mr Cattle said.
“The longer trading hours should help to facilitate more trade opportunity for growers and buyers.”
p More information: contact CGX on 1800 000 410 or visit cleargrain.com.au. Alternatively if you use a grain marketing professional you can talk to them about accessing the exchange on your behalf.