Following the boost in wheat production happening in the country, the Ethiopian Commodity Exchange (ECX) has officially announced it will restart wheat trading on its floor this year.

Established in 2008 trading corn and wheat on its platform, ECX dropped the latter from its stock a few months into starting its operation due to insufficient supply. However, the recent dramatic improvement in domestic wheat growth, and the subsequent exporting plans Ethiopia is making, has directed the company towards recommencing the trading of the crop along with the other 17 products on its floor.

Ethiopia’s annual wheat harvest is expected to reach 152 million quintals this year, from both the main Meher season and irrigation-based summer cultivation.

ECX prepared a draft ‘Wheat Trading Contract’ as per the variety and places of major wheat-producing areas, proposing delivery sites and defines a grade for each variety. The final version was discussed at a consultative meeting between the ECX and a panel of experts last week on October 10, 2022.

The Exchange announced on Thursday that trading on the ECX platform will begin once the draft contract is approved by regulators at the Ministry of Trade and Regional Integration.

Source: Ethiopian Monitor