(Saskatoon, SK) – My Grain Exchange (MGX) is transforming the Canadian grain marketing landscape. And now they’re open for business.
Built on decades of grain trading experience, MGX is a powerful online grain marketing platform that improves the grain trading experience for both sellers and buyers.
Merv Berscheid, Founder and President of MGX, is the visionary behind the new company that is being launched at Canada’s Farm Show on June 20-22 in Regina. More than 40 years in the industry showed him that there was a better way to market grain – one that is easier, faster and more efficient. He describes the MGX online auction platform as a game changing tool for the industry.
“MGX is a simplified marketing system that automates the price discovery process by digitizing a sell/buy system with a timed auction system. It’s the first true price discovery for grain that shows you what’s happening in the market in real time. It connects buyers with more sellers and lets everyone quickly take advantage of market fluctuations.”
“We’re also mandating grain analysis and grading,” says Berscheid. “Anyone wanting to sell must have their samples tested by an unbiased third party prior to listing an auction. This helps sellers know exactly what they have in their bins to be able to determine fair market value. As a result, they don’t have to take a price; they can establish a price, as well as list any special attributes of their grain that helps them capture extra margin.” Special attributes could include a high oil content in canola or high protein content in feed grains.
“Likewise for buyers, it’s a huge benefit in that it saves them time sourcing product,” he comments. “No more cold calls and going through your contacts list to try to find product. Also, because of the testing process and the high-resolution images that are attached to each auction, they can be reassured that the quality of grain they are bidding on is actually what they’re going to get.”
He adds, “Another advantage is that it’s no risk for participants. There’s no cost to bid or list a product, and a 1% service fee is only charged at the completion of a successful auction. Then we connect the buyer and seller to handle the signing, delivery and payment of the contract on their own terms.”
“We want to make grain marketing successful for everyone involved,” explains Berscheid.
And the bottom line? It’s that growers can sell with confidence and buyers can buy with confidence. Sellers get to display their product in front of a full stable of local buyers, optimizing the end use, and therefore price for their product. Buyers have access to a broader market, being able to source more product they otherwise would not be aware of. MGX does the background work so all you need to do is sign up, set your terms and buy or sell grain.
Interested in learning more?
MGX invites all interested parties to visit their booth in the Innovation Pavilion next week to ask questions, meet the team and drop off samples of their remaining 2022 crop. Sellers and buyers who sign up before June 25, 2023 will receive a 50% discount on service fees for their first two auctions.
For more information on MGX, see their website at mygrainexchange.com.
Media Contact:
Merv Berscheid,
President and Founder
My Grain Exchange
306-244-1124
merv@mygrainexchange.com
Backgrounder:
My Grain Exchange (MGX) is a powerful online auction platform that connects grain sellers and buyers. Built on decades of grain trading experience, it’s a user-friendly tool designed to improve on the current grain marketing system by providing automated, efficient and optimized market access for all. Mandatory third-party grading mean sellers can profit from unique product attributes and buyers can be confident they are sourcing the inventory they want. MGX is dedicated to supporting the Western Canadian grain industry to simplify price discovery and profitability by providing progressive grain marketing tools, timely market data and exceptional customer service. MGX is the easiest and most effective place to market grain on the prairies.
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