Following the successful launch in Brazil in February 2021, Covantis platform has today gone live in North American markets.
On top of Soybeans, Soybean Meal and Corn, new commodities such as Wheat, Canola, Sorghum, Barley, DDGS, Rice, Corn meal and Beat pulp pellets have been added in the platform to enable client trading firms to execute their contracts involving bulk vessels loading in US and Canada. Over 50 legal entities across 16 Agri groups are now setup in the platform to execute all their shipments for the newly added commodities and markets.
Covantis optimizes the trade execution process by connecting in one platform exporters, elevators, forwarders, traders and CFR buyers to effectively exchange critical data such as contractual notices, instructions and documents.The company continuously invests in building new capabilities to increase value in the area of trade operations, covering the whole supply chain from origin to destination.
“After Brazil, launching in North America is the next step in building a global network of Agri firms active across the supply chain, buying, selling on a FOB or CFR basis. By adding the new flows we will bring more efficiency and increase significantly the volumes executed by half of our client firms buying not only Brazilian, but also North American grains and oilseeds. As most of the large exporters and traders are already setup on the platform and we cover the largest markets by volume, we expect more buyers to be joining Covantis in the next months.”, said Sorin Albeanu, Head of Commercial.
Note on Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws, including statements regarding the anticipated development, success and benefits of the proposed digital platform. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will” and “expect” and similar statements. Forward-looking statements are not historical facts and involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward-looking statement, including in this case the risk that the platform may not be successful or fully achieve the objectives of the participants. Further information regarding risks associated with forward-looking statements is included in Bunge SA’s and Archer Daniels Midland Company’s filings with the U.S. Securities and Exchange Commission. All statements herein are made as of the date of this press release, and the participants undertake no obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise, except as required under applicable law.