A new association has formed to bring the trading of agricultural commodities "into the digital age."

The Global Commodity Technology Association will "support stakeholders along the supply chain who are focused on enhancing the efficiency of their internal trading processes and standardizing post-trade execution," according to a statement by the new group. In simple terms, the group is seeking to digitize the processes used in the trade of farm animals and crops.

"Commodity trading remains a manual industry that is nearly completely reliant on paper processes for contracting, invoicing and payments," said David Lehman, managing director of GCTA. "To remedy this, we need stakeholders from across the supply chain to collaborate on priorities and solutions to bring the physical trade into the digital age."

GCTA membership is open to participants involved in ocean-bound agricultural trade, which includes growers, processors, logistics providers and trading houses. The association has not announced any staff hires other than Lehman, a former managing director at CME Group.

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