As 2023 comes to a close, we'd like to thank our users who have put their time and trust into My Grain Exchange and helped us make it a better, more effective price discovery tool for the SK grain industry.
We listed over 4,500 MT of product in three months of active trades, added over 25 vetted and recommended grain companies to our community of Buyers, and attended six tradeshows where we shook hands and talked shop with thousands of farmers.
From these conversations and transactions, we've been able to fine-tune our service, answer questions, add new features, fix bugs and enhance the user experience. We can't wait to show you what's in store for 2024.
With that, here's a rundown of the features that will be launching as part of My Grain Exchange Version 2.0 at the Crop Production Show in January.
1. List New Crop Acres Through Auction
MGX Sellers can set up an Auction for new crop acres and let Buyers bid on Act of God (AOG) or Deferred Delivery Contracts (DDC). If you are confident in your pricing and don't want to take bids on an Auction, another option is to set up an Offer. Offers run on a first-come-first-serve basis and go to the first Buyer to accept the terms.
Example:
Commodity: Red Lentils
Variety: Robin
Crop Year: 2024/25
Ask Price: $0.32/lb
Quantity: 640 acres, first 10 bu/acre = 174 MT
Delivery: Oct/Nov FOB Farm
Terms: With an AOG
Sellers control the posting length of their Auction or Offer and can block companies they prefer not to do business with from bidding on or buying their product.
2. Let Buyers Shop Your Inventory
Not everyone has the time to monitor the platform or set up an auction but you can still take advantage of the MGX marketplace. ✔️Select the option to let your inventory be viewable to the buyers shopping on our platform. The information is still anonymous but buyers can make offers on products they're interested in via private chat. You get to negotiate the terms of the contract and, once accepted by both parties, the appropriate $/MT service fee is charged, you're sent a trade confirmation and connected to your buyer.
3. More Control of Settings and Preferences in your User Profile
The new profiles are more adaptive to different farm types and give users more control over their settings. A more intuitive dashboard paired with a detailed tutorial mode will walk you step-by-step through each phase of the marketing journey. Additionally, MGX 2.0 will let Sellers:
Set preferred buyers and opt out of doing business with companies they're not comfortable with.
A Commodity Watch list lets you set targets and receive notifications when commodities you're interested in are listed or sold at auction.
Sign up for and manage text notifications for your listings and watch list.
4. More Robust Contract and Inventory Management
The new Inventory Management dashboard integrates bar charts and visuals so you can quickly scan and see what crops you have left in your inventory and your average sales price.
If you've sold products through our service, we will apply helpful visuals to give you a quick overview of the average price you've sold each commodity for.
Future additions: We are developing a series of commodity trend reports that are integrated into your profile and tailored to the products you are interested in. See the average asking and sales prices for commodities in your area so you can easily follow local market trends and know when to sell or hold.
5. Better Sample Management
MGX Sellers can submit samples for grading through SGS at a discounted fee and our free shipping program lets you send the samples to us through your local Canada Post office at no cost.
Sellers will be able to choose from more grain analysis options, including USDA analysis reports, and upload multiple certificates for each of your inventory lines. If you are close to the American border it is worth getting a USDA analysis done on your samples as we have Buyers who buy and ship into the USA.
With SGS providing third-party sample analysis for our service, our users own their sample analysis and are free to shop their grain wherever they choose. However, with it, you can accurately price your product at auction and buyers can bid with confidence.
6. Multiple User Profiles in One Account
We recognize that some of our users may need to both sell and buy commodities and that many farms sell grain under multiple farm names. We have streamlined the process by allowing you to set up and manage multiple farm names under one MGX Customer account. Here, you can set up multiple credit cards to charge service fees and grading fees to, or apply for Credit Terms and we will invoice you on a scheduled basis.
Vetted MGX users will be able to toggle between Buyer and Seller functions under one MGX Customer account and source feed grains for their livestock or fulfill contracts they're short on.
Future updates will include:
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The feedback and testing we've been able to do over the last six months with your contribution have been invaluable in driving the upgrades we're now making.
Thank you for choosing MGX and continuing to share how we can build our platform to help improve your marketing activities.
If you have any questions or comments for our team, contact support@mygrainexchange.com.
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