Buyers and sellers in raw dairy produce will soon be able to complete transactions on an Internet exchange site. is scheduled to be up and running in the second quarter of this year.

It aims to generate revenue by taking exchange fees from the revenue, likely to be between 1% and 1.5% of the value of the transaction.

Industry representatives are welcoming the new site. Steve Gackenbach, director of joint ventures at Kraft Foods, commented: “At the moment, if I’m a buyer, I may link up with a supplier that’s 1,000 miles from my facility, not knowing there’s a potential supplier offering the same product only 500 miles away,” revealing that aims to sweep away the current inefficiencies in manual trading.

Originally the concept of several dairy giants, including Kraft and Land O’Lakes, was spun off to be operated by Dallas-based Momentx last December.