EAX trades 50 tonnes of maize

The East Africa Exchange Rwanda (EAX Rwanda), yesterday, auctioned 50 metric tonnes of maize grain, in another effort to cement its position as an important link between farmers and buyers of agricultural products. The regional trade involved a Rwandan buyer, Top Services Ltd, and the seller, Savannah Commodities, from Uganda.A tonne of maize was traded at $398 (about Rwf258,700).Since starting operations in January, EAX has auctioned 2,800 tonnes of beans and 1,400 tonnes of maize. “The EAX is basically a market place that offers price transparency to many farmers. We will auction slightly more than 1,500 metric tonnes of beans next week and two other clients have expressed interest in auction about 1,000 metric tons of maize through EAX in the next two weeks. We expect a busy November,” said John Bosco Sebabi, the EAX Rwanda chief operations officer. The exchange was launched at the World Economic Forum in Davos in January by President Paul Kagame and its founders- Heirs Holdings, Berggruen Holdings, 50 Ventures and Ngali Holdings. It operates closely with the Ministry of Agriculture and Rwanda Grains and Cereals Corporation to address the challenges that affect grain and cereals.

National

EAX trades 50 tonnes of maize