Prospects Rise for the Establishment of a BRICS Grain Exchange

14-Sep-2026 01:00 PM

New Delhi. The BRICS member nations—Brazil, Russia, India, China, and South Africa—account for the highest global production of rice, wheat, maize, and soybeans. China, India, and Russia are major producers of wheat; China and India of rice; Brazil of soybeans; and China, Brazil, and India of maize. Additionally, these nations are leading producers of pulses.

Given this context, the need for a shared grain exchange among these countries was recognized. A consensus on this proposal was reached among the member nations during the 18th BRICS Summit held in New Delhi on September 12–13, 2026.

Interestingly, Russia advocates for launching this grain exchange on a pilot basis within the current year, with full-scale operations commencing the following year (2027).

The New Delhi Declaration states that further deliberations will be held regarding the exchange's operational framework and modalities. The declaration further notes that BRICS member nations have emphasized the need to ensure global food and nutritional security and to mitigate the impact of sharp fluctuations in food product prices.

Emphasis has also been placed on ensuring the uninterrupted supply of various food products and fertilizers. In this regard, a consensus has been reached to initiate efforts toward establishing a grain trading platform among BRICS member nations. Future discussions to finalize the comprehensive blueprint for this initiative are welcomed. Over time, other agricultural products and fertilizers will also be included in the exchange.

If the BRICS Grain Exchange becomes a reality, it could prove to be a superior alternative to the US-based Chicago Mercantile Exchange (CME). Russia estimates that the commencement of trading on the BRICS Grain Exchange could result in annual savings of $2.50 billion for member nations.