Covantis rolls out market platform for grains and oilseed in North America
Monday, February 7, 2022
Following the launch in Brazil in February 2021, Covantis platform has gone live in North American markets. On top of soybeans, soybean meal and corn, new commodities such as wheat, canola, sorghum, barley, DDGS, rice, corn meal and beat pulp pellets have been added to the platform to enable client trading firms to execute their contracts involving bulk vessels loading in the U.S. and Canada. Over 50 legal entities across 16 agri groups are now set up on the platform to execute all their shipments for the newly added commodities and markets.
Covantis optimizes the trade execution process by connecting in one platform exporters, elevators, forwarders, traders and CFR buyers to effectively exchange critical data, such as contractual notices, instructions and documents. The company continuously invests in building new capabilities to increase value in the area of trade operations, covering the whole supply chain from origin to destination.
“After Brazil, launching in North America is the next step in building a global network of agri firms active across the supply chain, buying, selling on a FOB or CFR basis. By adding the new flows, we will bring more efficiency and increase significantly the volumes executed by half of our client firms buying not only Brazilian but also North American grains and oilseeds. As most of the large exporters and traders are already set up on the platform and we cover the largest markets by volume, we expect more buyers to be joining Covantis in the next months,” said Sorin Albeanu, head of commercial.
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