The Ethiopian Commodities Exchange (ECX) is to review a proposal for trading in chickpeas and sorghum. The exchange announced plans to introduce the two commodities alongside Teff at its fourth national forum.

An industry study has already been done for chickpeas and sorghum said Bemnet Aschenaki chief strategy officer for the ECX. The study was done on samples collected by the ECX quality and product development team as per suggestions outlined by a technical advisory board explained Bemnet.

The proposal to introduce chickpeas and sorghum is based on the high levels of harvest of these commodities in areas where the ECX is active according to Bemnet. An additional factor was also that many members who already trade in other commodities at the exchange trade in these commodities as well he added.

It is expected that introducing chickpeas and sorghum for trading will help price fluctuations as well as establishing true prices said Bemnet.

Samples of the two commodities were collected from sources for evaluation by ECX technical experts, and other specialists from the Ministry of Agriculture, Quality and Standard Authority of Ethiopia and r ECX members. This panel establishes the standards and quality grading to be used for the commodities.

The standard and quality established by the panel will be reviewed by industry representatives including traders, exporters and food processors.

The commodities will be introduce on the trading floor of the ECX after receiving final approval from the ECX board and passing through the Ethiopian Commodity Exchange Authority.

Source: Addis Fortune