Covantis increases volume in 2022
A staggering increase of 246% versus 2021 confirms a strong adoption of the grains and oilseeds market.
Covantis has released its market statistics, showing 519 million metric tons executed on the platform in 2022, its second year of operation. A staggering increase of 246% versus 2021 confirms a strong adoption of the grains and oilseeds market.
According to ANEC, in 2022 Brazilian soybeans, corn, wheat and SBM export market grew by 15%, while in the same period, Covantis recorded a 62% increase in volume of the same commodities executed in the platform. Over 342 million metric tons have been executed by shippers, FOB/FOB traders, charterers and CFR End Buyers, with 74% of Brazil's bulk exports nominated through the platform.
Furthermore, since the launch in February 2022, Covantis recorded 155 million metric tons in US and 21 million metric tons in Canada. By comparing with FGIS and Canadian Grain Commission export reports, buyers and sellers executed through Covantis 50% of US and 31% of Canadian grains and oilseeds exports.
In 2022, the number of legal entities and teams active in the Covantis platform grew by 73%, currently totaling 130.
The Covantis platform enables market participants to perform contract execution and exchange documents, contractual notices and messages in an efficient, auditable and secure way. It includes a growing list of commodities, such as soybeans and soybean meal, corn and corn meal, wheat, canola, sorghum, barley, DDGS, rice and beat pulp pellets.