This article has been reprinted from the Nov. 1 USDA Grain Transportation Report.
On October 25, Archer Daniels Midland Company (ADM), Bunge Limited (Bunge), Cargill, Incorporated (Cargill), and Louis Dreyfus Company (LDC) announced they are investigating ways to standardize and digitize global agricultural shipping transactions.
The joint release stated, “Global agribusinesses are turning to emerging digital technologies – including blockchain and artificial intelligence options – to reduce resource- and time-intensive processes associated with the global agricultural commodity value chain.
The companies also seek broad-based industry participation to promote global access and adoption.
Initially, ADM, Bunge, Cargill and LDC are focused on technologies to automate grain and oilseed post-trade execution processes, as they represent a highly manual and costly part of the supply chain.
Eliminating inefficiencies would lead to shorter document-processing times, reduced wait times and better end-to-end contracting visibility.”