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Belarusian commodity exchange starts trading in fruit, vegetables

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MINSK, 18 August (BelTA) – Belarusian Universal Commodity Exchange (BUCE) has started trading in fruit and vegetables, BUCE spokesman Roman Yaniv told BelTA.

“In order to improve the procurement of agricultural products, ensure fair pricing and cultivate competition in this segment of the commodity market, Belarusian Universal Commodity Exchange began trading in fruit and vegetables for the needs of retail chains and food industry enterprises. Work on a pool of suppliers on the exchange is still in progress. Yet, the first transactions for a total amount of more than Br1 million have already been made,” said Roman Yaniv.

According to him, this is a new project for the exchange, which, on the one hand, will enable processing companies to purchase raw materials they need as quickly as possible, and on the other hand, facilitate domestic producers' access to foreign markets. “In order to start trading in a new commodity as quickly as possible, BUCE started trading in fruits and vegetables within the section of industrial and consumer goods. Unlike the traditional commodity sections, the bidding is not scheduled here, but takes place as applications come in,” said the spokesman.

Roman Yaniv stressed that there is an interest from market participants. The first two transactions registered in the trading system testify to the fact. It was the purchase of cherries for the total sum of Br310,500 and peaches – Br758,400. “At the moment the exchange is setting up the bidding for prunes, and there are bids for export of tomatoes. It is possible that with a wide range of permanent participants, BUCE will move the exchange trade in fruits and vegetables into the format of in-session trading, similar to other agricultural commodities,” he added.

Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.

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