Internet Commodity Exchange (ICEcorp.com), the first-to-market, B2B, Internet-based commodities exchange, today announced record trading activity on its ICEcorp.com website. More and more grain trading professionals are effectively transforming their businesses from traditional “bricks and mortar” to a more progressive “bricks and clicks” model by using the Internet marketplace as a means to conduct business.
“Since the beginning of April, we have doubled our user base,” said Brett Johnson, co-founder of ICEcorp.com. “Our members have executed trades totaling nearly 5 million bushels of grain, in April alone. This is truly a testament to the liquidity, effectiveness and strength of the ICEcorp.com grain and feed exchange,” added Johnson.
ICEcorp.com launched its Internet-trading tool in October 1999. Traders initially posted over 32 million bushels of grain on the site. As of April 26, more than 2,000 postings totaled over 252 million bushels. ICEcorp.com has established several key strategic partnerships that are allowing the rapid growth of its bushel postings, users and site traffic.
“ICEcorp.com’s primary goal is to ensure its position as the benchmark for innovation and a stronghold of key strategic partnerships by creating value through enhanced trade efficiency, price discovery, trade facilitation tools, and back-office settlement solutions,” said Ed Keating, co-founder. “ICEcorp.com is all about inclusion. We want everyone to be able to use our online trading tool in order to truly allow the absolutely best price discovery and unsurpassed market liquidity.”
ICEcorp.com has remained the only active commodities exchange site, with rapidly increasing trade postings and steady growth in executed transactions and user registrations. The site is aggressively building on its current base of over 200 global users. The company intends to remain the leader in the trade arena for food and agricultural commodities, freight, and portal content.
“As former traders, we immediately realized the significance of enhancing the archaic, enormously time-consuming and non-inclusive methods of commodities trading,” said Brett Johnson, co-founder of ICEcorp.com. “ICE and the ICEcorp.com strategic partners are not looking to re-invent the wheel here; however, we are looking to make commodities trading much more efficient and provide an unbiased, neutral platform for trading. ICEcorp.com is a tool that does just that.”
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ICEcorp.com has achieved its strong market position because of the superior strategic partnerships established in the last seven months. One of these partnerships is with the third largest grain handling company in the United States, Farmland Industries. Farmland accounts for over 1.2 billion bushels in annual trade volume. The company allows ICEcorp.com access to its COOP/Independent member base exceeding 1,600 members. It also provides ICE with entree to international trading opportunities vis-a-vis its international grain export trading partners.
Data Transmission Network (Nasdaq: DTLN – news) and Seaboard (Amex: SEB – news) are other key partners. DTN has placed over 198,000 commodity quote screens nationally, with farmers and traders alike. DTN has more than 20,000 real-time users, which represents over 98.5% market penetration in the agricultural sector. It will simulcast for late Internet adopters and has over 70 field representatives across the entire US grain industry.
Seaboard is the third largest pork producer in the U.S. The company provides international trade access via Seaboard Overseas Ltd. It is also the largest shipping company out of the Port of Miami, providing the markets much needed freight expertise through Seaboard Transport Inc.