USDA brews a plan for electronic receipts for coffee trades

USDA brews a plan for electronic receipts for coffee trades

The Agriculture Department has OK’ed the use of electronic warehouse receipts for the handling of coffee trades.

James Little, Farm Service Agency administrator, today announced the use of the Electronic Commodity Operations and Processing System, or eCOPS.

The coffee industry will join the cotton and peanut industries as the third commodity food item to use an electronic warehouse receipt system. The warehouse receipts are title documents that are used for transfer and marketing of agricultural products.

Agriculture’s approval authorizes the New York Board of Trade, which owns eCOPS, to operate an electronic warehouse receipts system for coffee warehouses, financial institutions and coffee futures traders.

The electronic receipts allow for the almost instantaneous transfer of documents. Over the past year, the Farm Service Agency and New York Board of Trade have worked closely to develop and test eCOPS, Little said yesterday.

“The software system will increase the ease and speed of transactions, benefiting producers, bankers and lenders, commodity warehouses and anyone involved in coffee trades,” he said.

About the Author

Connect with the GCN staff on Twitter @GCNtech.

Featured

  • Management
    shutterstock image By enzozo; photo ID: 319763930

    Where does the TMF Board go from here?

    With a $1 billion cash infusion, relaxed repayment guidelines and a surge in proposals from federal agencies, questions have been raised about whether the board overseeing the Technology Modernization Fund has been scaled to cope with its newfound popularity.

  • IT Modernization
    shutterstock image By enzozo; photo ID: 319763930

    OMB provides key guidance for TMF proposals amid surge in submissions

    Deputy Federal CIO Maria Roat details what makes for a winning Technology Modernization Fund proposal as agencies continue to submit major IT projects for potential funding.

Stay Connected