PARIS (Reuters) - Glencore Agriculture Limited has joined a project launched last year by other global grain merchants to use new technologies to raise efficiency in trading operations.
It was later joined by COFCO International, the overseas trading arm of Chinese state-owned food group COFCO.
In a joint statement on Thursday, Glencore and partners said that, after studying digital solutions such as blockchain and artificial intelligence, next steps would include selecting technology providers and developing a pilot covering bulk soybean shipments from Brazil to China.
The partners have underlined potential gains in moving away from paper documents and emailed-based communication prevalent in grain trading towards faster digital processes.
Glencore Agriculture is jointly owned by diversified commodity group Glencore (GLEN.L) and two Canadian investment funds.
Reporting by Gus Trompiz; editing by Jason Neely