ZMX to trade in wheat, soya beans and barley

Rutendo Nyeve, Sunday News Reporter

SELF-financed farmers and private contractors may now sell wheat, soya bean and barley through the Zimbabwe Mercantile Exchange (ZMX) following the gazetting of Statutory Instrument 129 and 130 by Government recently, ZMX has announced.

ZMX operates a warehouse receipt system which enables commodity holders to deposit their commodity with a designated warehouse in exchange for a warehouse receipt. It is operated by the Financial Securities Exchange and was founded as a joint venture between the Financial Securities Exchange (FINSEC) and the TSL Limited representing the private sector and the Government of Zimbabwe.

In a statement on Tuesday, ZMX advised its stakeholders on the development.

“The Zimbabwe Mercantile Exchange (ZMX) is pleased to advise stakeholders of the following important developments in the trading of agricultural commodities; Liberalisation of Soya bean, Wheat and Barley Trading (SI 129 & 130) Marketing and trading of Soya bean.

“Wheat and Barley has been liberalized following the gazetting of Statutory Instruments 129 and 130 by the Government of Zimbabwe on 21 July 2023. Self-financed farmers and private contractors may now sell these commodities through ZMX additional commodities on the ZMX Weekly Auction,” reads the statement.

The addition of more commodities on its weekly auction held every Wednesday has seen an updated list of commodities tradable on the auction with effect from 2 August 2023 including maize, soya bean, sugar beans, sunflower, white sorghum, red sorghum and wheat.

The company said those interested in participating on the auction are required to register with both ZMX and Agricultural Marketing Authority (AMA) as required by the law.

“Once registered, farmers and contractors can deposit their commodity into ZMX certified warehouses and receive warehouse receipts that will be used for trading. The ZMX auction is conducted weekly online every Wednesday from 8:00 am to 4:00pm and is in accordance with the ZMX Trading Rules gazetted in Statutory Instrument 184 of 2021,” reads the statement.

@nyeve14