Egypt plans to launch the first agriculture-focused trading exchange in the Middle East by the end of this year. Reuters reports Egypt completed a feasibility study, and the next step was to draw up regulations and establish the electronic infrastructure to connect farmers with traders. The country initially announced the plans in 2014 but gave little details at the time. The exchange is expected to begin with eight commodities, six being agriculture commodities along with oil and gold. The country says the small number of commodities will help promote high initial volume. The exchange will feature spot, derivative and futures trading. The exchange, according to organizers, will be an Egyptian based exchange with price discovery and prices put in Egyptian pounds. As part of the launch, the exchange will offer farmers a mobile application to track their agricultural output, electronically linking their crops to the exchange.
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