The world is going virtual – and so is agriculture. In light of this, a new online trading platform called TonnUp was launched on 7 April 2021. The virtual launch introduced the new grain trading platform to the industry. TonnUp director, Stephen Krüger, said the new platform will not attempt to replace trading on the Johannesburg Stock Exchange, but rather be a complementary trading platform.
According to Krüger, TonnUp is a cost-effective platform that will be more affordable than the current market channels. TonnUp will trade mainly in wheat, maize, soya bean and sunflower seed. It also creates a formal trading space for commodities and by-products of grain commodities that usually had only an informal market. Such commodities include sugar beans, soya oilcake, sunflower oilcake and grain chop.
Built by an international group based in the United Kingdom (UK) specialising in post-trade financial software, TonnUp was created to offer solutions to South African grain farmers. One focus point is especially transparency in terms of pricing and trading for producers. However, the entire value chain is invited to trade on the platform. Millers and processors can thus also use the platform for buying produce.
Although the platform currently caters mostly for the grain market, new commodities can quickly and easily be added. Chief operations officer of TonnUp, Brett Riley, said a variety of commodity groups has already approached them. The start-up is surprised by the interest in the grain industry thus far and looks forward to expanding its expertise to other industries.
For more information, read the press release of the launch here. – Ursula Human, AgriOrbit