It has been announced that in September an electronic platform will be launched for marketing and auctioning livestock and agricultural products.
The system will be operated by the Agricultural Exchange of Nicaragua (Bagsa) and includes five components: a negotiation module, another one for price information, a mobile application, a record of transactions and an auction module.
A project is being promoted for price risk management in order to reduce losses caused by constant changes in the international price of grain.
The Association of Producers and Exporters in Nicaragua (APEN) together with the Agricultural Exchange, SA (Bagsa) is promoting a digital platform on which producers can consult the international prices of their products and the development of a hedging instrument, ie insurance against falling prices. The proposal also aims to cover producers of rice and sorghum.
In the first quarter of the year $175 million were traded in products such as coffee, milk, cattle and rice.
Paddy rice, live cattle, beans, meat, coffee and milk products were the items that boosted agriculture stock transactions in these first months of the year, said Luis Arévalo, general manager of the Agricultural Exchange (Bagsa) to elnuevodiario.com.ni.
Sales of rice, cattle, wheat flour, meat and coffee made through BAGSA increased by 10% compared to the previous year.
"Despite the fall in international prices and reduced exports, transactions this year will exceed $720 million, representing growth of 10% compared to 2012," said Enrique Zamora, president of the Board of Bolsa Agropecuaria de Nicaragua S.A. (Bagsa).
From 9 to October 11 Argentine company representatives will meet with their peers in the food industry in Nicaragua.
This mission is part of the Association of Suppliers to the Food Industry (Adepia). The event will be held at the Embassy of Argentina and is being organized by the Agricultural Exchange of Nicaragua (Bagsa).
During last year, 2012, about $450 million was traded on the Agroindustrial stock exchange, 30% more than in the year 2011.
Felipe Arguello CEO of Bolsagro said, "Sixty percent of this increase was related to an increase in prices and forty percent was due to the efforts made by various brokerage houses working with us to increase volumes in the transactions. "
Agricultural companies stated their concern in the first meeting they held to analyze the Government's proposal.
Growers will be affected by the possible increase from 1% to 2.5% in retention to transactions done through Agricultural Exchanges, said Felipe Argüello, general manager at Bolsagro, the Agricultural Products Exchange.
The Agricultural Exchange of Nicaragua is aspiring to become an International Business Center.
They are seeking to regionalize the trading of commodities or raw materials for agricultural purposes both at the point of origin and destination.
Enrique Zamora, president of the Agricultural Exchange of Nicaragua (Bagsa), explained that they will continue to work in 2009 and the Exchanges in each country offering will be the one doing the trading at the International Business Center, which will be headquartered at the Agricultural Exchange of Nicaragua.
As part of the Agritrade Platform, Guatemala will participate for the 27th time in PMA Fresh Summit, the most important international trade show and convention of fruits and vegetables in the United States, which will take place at Anaheim Convention Center, California from October 17th to 19th.
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