Principle of Market
ConnexMarket is a SPOT market for commodities where buyers and sellers must make/take physical delivery on every contract.
SPOT Prices
SPOT prices on our system are obtained directly from our members agreements. They may vary and change all day long from one agreement to another and may be used as a reference price at the time.
Trading Modes
ConnexMarket has 3 Trading Mode
Straight Auction Mode allows sellers, usually farmers’ coops set minimum prices and the time to start and end of each auction lot. The highest bidder will be the winner of each lot.
Negotiation Mode allows sellers and buyers to negotiate an agreement in private. Buyers may submit their offer to buy at their price and other conditions. Sellers who are able may choose to submit their responses.
Auto-Matching Mode allows both buyers and sellers to submit volume and prices until they get matched by the system. *Available in October.
ConnexMarket Standards
In order to facilitate a common understanding of our product symbols, we have created a convention from which a product symbol is formed. A product symbol is a set of letters and numbers representing each classification of rice or other commodities. A symbol is used to make bids and offers for each type, a classification, of rice. Each member must take care to understand these symbol to avoid misunderstanding. These 5 parts symbol may be mixed together to form the rice you wish to buy or sell.
| Options | Part 1 | Part 2 | Part 3 | Part 4 | Part 5 |
|---|---|---|---|---|---|
| Type of Rice | % of Rice | Class | Old/New | Farming Method | |
| Option 1 | WR (White Rice) | 100 | A (Grade A) | O (Old) | N (Normal Practice) |
| Option 2 | HR (Hommali Rice) | 5 | B (Grade B) | N (New) | Q (Safety GAP Practice) |
| Option 3 | BR (Brown Rice) | 10 | C (Grade C) | C (Conversion Period) | |
| Option 4 | BH (Brown Hommali Rice) | 15 | O (Organic Thai Certified) | ||
| Option 5 | RB (Rice Berry Rice) | A1S | I (IFOMM Certified) | ||
| Option 6 | A1 | E (EU Organic Certified) | |||
| Option 7 | U (USDA Organic Certified) |
Example
| example | meaning |
|---|---|
| WR100ANN | White Rice 100% Grade A New Normal Practice |
| WR5BOO | White Rice 5% Grade B Old Thai Organic Certified |
| HR100ANO | Hommali 100% Grade A New Thai Organic Certified |
Auction Procedure
Before each auction, seller must inspect their rice and weigh them. Each lot must be inspected by Participatory Guarantee System Committee before the auction starts.
- The coop must set their minimum prices at a reasonable level. Buyers may not bid below the minimum prices but they may opt to stay their bids.
- Market Managers will set the time for each lot of auction to start and finish.
- A buyer may bid on any number of lots, but they may not take partial delivery of any lot.
- A buyer may make any number of bids until the time runs out.
- A buyer with highest bid wins the lot.
- A winner must take delivery within 3 days for a SPOT market (Unless pre-agreed upon). In case of FOB auction, a buyer must open their Irrevocable L/C to the seller’s bank within 7 days.
- Winners must pay for all commodities before they take deliveries (unless agreed otherwise beforehand)
ConnexMarket Regulations
It is necessary for the market to lay down regulations for every trade in the market so that every member can have a common understanding. If anyone feels the regulation should be changed or altered in anyway, you are requested to make a suggestion directly to This email address is being protected from spambots. You need JavaScript enabled to view it.. These regulations are subject to review from time to time. A new version will be announced on our website and sent to members’ registered email address. Please read carefully.
We will provide a market calendar for rice market so members can use as a guideline for trade. A calendar is similar to the one on the right hand side.Calendar
Help Desk
Trade Connex will provide a Help Desk to give support to users who has technical difficulty or questions regarding the system.
Bank Payment System
In the near future, we will provide a Bank escrow payment system so a trade may be executed with ease of minds.
Quality Inspection
Each lot of rice is inspected by Participatory Guarantee System Committee (PGS). A local buyer is invited to join this committee or send advice to This email address is being protected from spambots. You need JavaScript enabled to view it.. The committee is supervised by Thailand’s National Farmers Council, a legal entity in Thailand of elected representatives of farmers.
