On October 25, Archer Daniels Midland Company (ADM), Bunge Limited, Cargill, Inc., and Louis Dreyfus Company (LDC) announced they are working together to find ways to standardize and digitize global agricultural shipping transactions for the benefit of the entire industry. In the short term, they hope to address inefficiencies in processing trade documents. In the long term, they seek to improve trade by moving away from paper-based documents to a digital-based approach. Benefits of this would include improved quality and reliability of documents, greater visibility across supply-chain movements, standardized data using technologies accessible to all players, and increased overall efficiency and transparency.
Read the full press release here.