eGrain announced that over 100 grain and rice warehouses have now subscribed to the eGrainsm System for issuing and managing electronic warehouse receipts and electronic grain contracts. The 100th customer, Mor-Agra Grain Handling, Inc. based in Poplar Grove, IL, is eager to use the eGrainsm System for managing electronic warehouse receipts with their lender.
eGrain was the first company to develop an electronic warehouse receipt system for the grain industry and the web-based system has earned a U.S. patent for its unique method and system for managing commodity transactions. eGrain first began with rice in California and Arkansas and rapidly expanded into more traditional grains such as corn, soybeans and wheat. In addition to grain and rice warehouses, eGrain's customers also include lending institutions, futures commission merchants, commodity exchanges, processors and marketers.
In just six short years, eGrain has expanded its services to customers in 36 states. As a leader in electronic warehouse receipts, eGrain continues to develop new markets and overcome challenges that many companies face when introducing new technology and ideas.
"The grain industry continues to recognize the value of our platform and electronic grain documents, especially during these volatile market conditions," said Drew Earles, eGrain Vice President. "We have made major strides over the last six years to ensure that our customers can buy and sell grain using electronic documents that allow them to transfer ownership instantaneously and we will continue to deliver this tremendous value to our customers for years to come."