ETHIOPIACOMMODITYEXCHANGEMONTHLY NEWSLETTER

Volume 8 Issue 3 September 2017 A Market for All

GEBEYACHIN

9Days of The New Coffee Trading Model

Trade Volume 52 Million Tons

Trade Value 3.4 Billion ETB

After introducing a New Coffee Trading Model Ethiopia Commodity Exchange has

transacted 52 million tons of coffee worth 3.4 billion Birr in 90 days...( page 3)

InterviewEWIC

Emebet Taffesse

ECX will remain as a market platform, if and only if it can keep the interest of all stakehold-ers.

Staff Profile

7 Kumssa Cherinet

What I love most at ECX is the dynamic na-ture of the sys-tem.

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EDITORIAL

A Monthly Bilingual Newspaper Published by ECXCorporate Communications DivisionAddress:P.OBOX 17341,Tel +25111-553-30-90/553-5860Email:communications@ecx.com.etWebsite: www.ecx.com.etFacebook:Ecx EthiopiaLinkedin: Ethiopia-Commodity-Exchange Twitter:@ecx_OfficialAlsam Chelelek Tower 2

GEBEYACHIN

2GEBEYACHIN

Managing EditorTirusew Geresu

EditorsNetsanet TesfayeDawit MuraErmias Ashine

Layout and Design Tirusew Geresu

September 2017

Exerting effort through

dynamic nature of the Exchange

Because of the dynamic nature of the exchange market, ECX is al-ways ready for change and adopt-ing new systems to satisfy the demand of its customers and stake-holders.

The international trade, the demand of the exchange actors, the socio economic situations and related reasons always initiate reforms on the Exchange. One of the features of the modern trading system is accommodating new models and systems which enables the trading more efficient and effective in time and expense.

To address the demand of the stakeholders and to boost the ex-port trading, ECX has implement-ed the new coffee trading model with in short months for prepara-tion. Its organizational capability and strength have been observed in mainstreaming the new model in the trading floor.

Now, the new coffee trading model has counted 90 days. It is the right time to assess its achievements and challenges, to evaluate along with members and trade representatives in order to pave the way for more improvement. Of course, there are more assignments which are under process to enhance the efficiency and effectiveness of the new coffee trading. Designing electronic trading system for the coffee trading, is one of the major tasks ECX gives due attention to implement af-ter few weeks. The Exchange is striving to improve the warehouse services and stretching out all the means to acquire more sheds and space. These and other additional changes are expected to enhance the operational activities for more effective and transparent service. ECX is proud of that in the last 90 days, all the warehouse, quality and trading operations have been executed without interruption. All mar-ket data implies that the volume and the value are increasing and the transactions also effected on time. All these achievements are carried out by the joint effort of the members, floor representatives, stake-holders, Board of directors and staffs of the Exchange. ECX would like to extend its complement for all of them for their dedication and effort to realize the new coffee trading model in the last three months.

Long walk is waiting for us. The lesson we perceived in the last 90 days, will be the light for the next quarter and the way forward. We have to exert our joint effort and keep up the momentum for more change and improvement. Unless we understand the dynamic nature of change, it is difficult to attain our goal and obtain more achieve-ments.

3GEBEYACHIN

News

September 2017

90 Days of the New Coffee Trading Witnessed a Record Hit

It has been 90 days since the new coffee trading model put in place. The trading model which was im-plemented as of 9th of July witnessed a record high coffee trading in both trade volume and value. The trade volume being 52,821 tons and the trade value reached 3.4 Billion Birr.

Out of the total trading of ECX in this quarter coffee takes the lion share in 60% in volume and 80% in value.According to the first quarter report of the Exchange,81% of the volume of coffee traded in the last 90 days has taken by export and the rest 19% for local consumption.Based on the new coffee trading model, 16,402 tones of coffee for export 2700 tons of coffee for local consumption are traded through bonded yard. The rest of the coffee was traded from warehouse.

In the coffee market, Specialty coffees were sold at a premium price ranging from a maximum of ETB 1,900 to a minimum of ETB 810 in the month of July, a maximum of ETB 2,807 to a minimum of ETB 950 in the month of august and a maximum of ETB 2,200 to a minimum of ETB 920 in the month of September.

As the model is new for both traders and the Exchange the learning process is also one of the main tasks during the days. 455 member and nonmember traders of the Exchange took the trainings about trace-able coffee trading model, major assumptions of the new model, warehouse, and laws and regulations of Ethiopia Commodity Exchange.

Ato Alemu is one of the many farmers who are working on the coffee development and production. Ato Alemu has been awarded by the FDRE Prime Minister as an elected best and vanguard farmer in the coffee farming sector. He lives in the rural district of Gedeo zone Wenago woreda. When he was asked about the new coffee trading model he said, “thanks to the new trading model that ECX implemented, I’m de-lighted to sale my coffee by its origin and by my name.now the farmers will have ample of opportunities to penetrate the market through participating directly without the demand of broker or other market actors or agents . As he said,” exclud-ing the brokers from the market chain will benefit the Farm-ers to strengthen their price negotiation capacity: further, since the new coffee treading model allows a non-member trading access, I’m planning to supply the coffee as sup-plier” he added.

Testimonials

News

ECX held a Consultative Discusion with Stakeholders

Ethiopia Commodity Exchange has held a consultative discus-sion with diffrent stakholders with the notion to create an effi-cient and effective coffee traceability system which will benefit both farmers and exporters on october 6,2017 at ECX HQ.

Presently major international roasters are increasingly asking for traceability to the extent tracing coffee beans to the actual farm-ers who produced them. To this end the ECX implemented the new identity preserved coffee trading model which is expected to answer some of the traceability requirements.

To put in place an internationally and stakeholders acceptable traceability system, a team has been undertaking business case assessment study on Traceability. For the better accomplish-ment of the study, the team has conducted a Focus Group Dis-cussion with major stakeholders of the coffee sector and trace-ability issue.

The features of the new coffee trading sytem traceability, stakholder role in the system, future plans and outcomes of the study to be conducted were the issues discussed on the meeting.

Coffee suppliers, Coffee exporters, International coffee buyer’s agents, Techno serve and Ethiopian Pulses, Oilseeds and Spices Processors-Exporters Association (EPOSPEA) took part on the consultative meeting.

Testimonials

Ato Solomon is a supplier and owner of a washing station at SN-NPR Gedeo Zone Chicho Kebel. He says’’ the new trading Model has a positive remark for both the suppliers and buyers . The previ-ous coffee trading model was not able to allow the buyers to know whose coffee they are in charge to buy. Because of this the buyers had been complaining on certain quality issues.However, the new coffee trading model has opened an access to sale the coffee by the suppliers name and buyers also receive pre-trade information.

He also added ‘‘since the system enables the tractability of the cof-fee, the buyers and saler or the market actors will act based on the data they have about the cof-fee in a confident manner, and both actors will act responsibly.‘‘

4September 2017 GEBEYACHIN

ECX A Market

for All!

NewsAverage prices of sesame and white pea beans improved in September Ethiopian Commodity Exchange traded ETB 1.3 Billion in September

ln the month of September 2017 the Exchange has trad-ed, 17,219 MT of coffee, 705 MT of Pea bean and 6,970 tons of sesame that worth a total of ETB 1.3 Billion.During the month, a total of 705 tons round white pea bean had been transacted for ETB 11 million Compared to the month of August the average price has increased by 0.86%.

On the other hand, the price of Sesame has increased by 0.50%. A total of 6,97O tons of Sesame traded for 181 Million ETB.Wollega sesa-me took higher share of the market scoring 52 87% and 49 11% in terms of volume.

ln the month, the coffee trad-ing is continuing to take the lion’s share of the market by contributing 69.17% and 85.65% of volume ond value respectively. Compared to the last month, the volume and value of coffee subsided by 18.62% ond 12.54 % re-spectively.

Export coffee trade dominat-ed the market by controlling market attention with 76% of the volume and value, fol-lowed by local ond special-ity coffees in row.

In addition, 1 1,357 tons of unwashed export coffee had been transacted for ETB 756 Million ond 864 tons of spe-ciality coffee worth ETB 70 Million was also traded during the month.

In the 18 trading days of the month, 1,661 tons of washed export coffee had been cleared for ETB 1l9 Million. Washed Sidamo shined taking 8O.7O% of the volume of the catego-ry followed by Yirgachefe and Bebeka.

In line same month, speciality coffee was sold at a premium price ranging from a maximum of ETB 2,200 to a minimum of ETB 920. Washed coffee were priced as high as ETB 1,404 even though low grade of this cotegory were sold at aminimum of ETB 900.

For this month, commercial unwashed coffees, sundried, have managed to secure as high as ETB 3,065 while the low grades were sold for a minimum value of ETB 780.

GEBEYACHINSeptember 20175

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ECX Commodities

Source: Market Data Division

September 2017

ECX Commodity Market Performance

In the month of September, trade at the ECX trading platforms had been con-ducted for 18 days during which 17,219 tons of coffee 705 tons of Pea bean and 6,970 tons of sesame has been transacted for a total of ETB 1.3 Billion. Coffee took a market lion’s share contributing 69.17% and 85.65% of volume and value, respectively. Compared to the month of August, the volume and value of Cof-fee has decreased by 18.62% and 17.54 % respectively. In this month coffee price has decreased by 0.35%. Total pea bean volume and value has decreased by 20.78% and 20.83%. However, the aver-age price has increased by 0.86%. On the other hand Sesame volume and value has decreased by 39.28% and 40.01% respec-tively. However, the price of sesame has increased by 0.50%.

ECX Coffee Session Performance All coffee categories (Specialty, Export and Local Use Coffee) had been trans-acted in the exchange’s platforms during the 18 trading sessions in the month. Ex-port coffee trade dominated the market by controlling market attention with 75.60% of the volume and 75.79% of the value, followed by Local and specialty coffees in row.

ECX Export Unwashed Coffee Session Performance Traded on all the sessions during the month 11,357 tons of Unwashed Export coffee had been transacted for ETB 756 Million of Unwashed origins, Lekempti shined with 35.87% of the volume of the category followed by Jimma. Kaffa fin-ished last with its smallest contribution to the market share

ECX Export Washed Coffee Session Per-formance In the month of September 1,661 tons of Washed Export coffee had been cleared for ETB 119 Million. Washed Sidama shined forwarding 80.70% of the volume of the category followed by Yirgachefe and Bebeka

.ECX Local Use Coffee Session Perfor-mance Trade of coffee for local consumption had offered 3,337 tons of coffee that was traded for ETB 209 million. Of Local use coffee market; Local Unwashed took the leading in volume by 73.47%.ECX Specialty Coffee Session Perfor-mance ECX Specialty Coffee had been traded in the month which offered 864 tons of coffee that was traded for about ETB 70 Million.ECX Sesame Session Performance During September a total of 6,970 tons of sesame had been traded for 181 Million ETB .Wollega sesame took higher share of the market scoring 52.87% and 49.11% in terms of volume. Assessing the comparison of sesame mar-ket with last month’s performance, its volume and value has been decrease by 39.28% and 40.01% respectively. How-ever, the average price has increased by 0.86% compared to the previous month.

ECX White Pea Bean Session Performance A total of 705 tons Round white pea bean had been transacted for ETB 11 million. When a comparison of Pea beans has been done with the previous month, it has de-creased by 20.78% and 20.83% in terms of volume and value, respectively. However, the average price has increased by 0.86%.

Commentary Both e-Trade and physical trading plat-forms of the exchange had conducted trade for 18 days in this month attracting 24,894 tons of commodities worth of ETB 1.3 Bil-lion. In the coffee market, Specialty coffees were sold at a premium price ranging from a maximum of ETB 2,200 to a minimum of ETB 920. Commercial Washed coffees were priced as high as ETB 1,404 even though low grade of this category were priced at a minimum of ETB 900. For this month, commercial unwashed coffees have managed to secure as high as ETB 3,065 while the low grades were sold for a mini-mum value of ETB 780.

7GEBEYACHIN

Staff Profile

September 2017

‘What I love most at ECX is the dynamic nature of the system.’Kumssa Cherent IT Support Division manager at ECX.

He was born in Addis Ababa, Pi-azza area on May 19,1977 from his father Ato Cherenet Wakgari and his mother W/ro Tsehay Me-konnen. His father had been work-ing in different governmental and private companies until he en-gaged in his own private business and his mother had been a house wife working in small business.At age 3, he enrolled in Beth-lehem Junior and Elementary School which is located around Arada Giorgis to attend class from nursery to 8th Grade.

Then he joined Yekatit 12 (menen) Comprehensive High School spe-cial class where he completed his high school education from grade 9th to 12th .

During his childhood, Kumssa had strong relationship with friends and spent his time in studying, reading , playing football, riding bicycle, watching movies, attending reli-gious schools at “senbet timihirt bet”, helping his parents in differ-ent activities and visiting rural ar-eas in winter.

He scored distinction result in ES-LCE and had got the chance to join Addis Ababa University Science Faculty and graduated in Bsc. De-gree in 1998 G.C.(1990 EC). After graduation he started working in Ethio Telecom as Junior Program-mer. He has got different long and short term trainings locally and abroad in different countries.

During his employment at Ethio Telecom he performed exceed-ingly and was able to promote to senior programmer, MIS Senior team leader, Database and System administration Division Manager, Program Manager for different pro-jects such as Customer Care and Billing System, Intranet Project.

In 2007, he Joined UNDP as a re-gional ICT coordinator and also been working as project manager for implementation of core banking solution and IT infrastructure for microfinance.

Kumssa married in 2007 and is a father of three sons and two daugh-ters.

His acquaintance with ECX starts since its establishment in 2008, working in IT infrastructure im-plementation. He recalls the mo-ments during the first days ’’at the beginning there were very few IT staff, and the IT department was not fully organized to provide the expected services in a structured manner, very low telecom service and even we did not have proper office layout. However, these challenges did not inhibit the few dedicated IT team in achieving the required expected output as there were strong support from the management. The Vision of ECX motivated us to work hard to con-tribute what is expected from us as a citizen.’’

‘‘What I love most at ECX is the dynamic nature of the system.’’ Kumssa Says.’’ Every time, the new business ideas flourish. This business ideas which were pro-posed by the leaders enabled us to be keen on initiating and imple-menting the appropriate technol-ogy.’’ He added.

‘’When new warehouses opened and coffee is introduced to ECX, the number of staffs increased and there was a very strong so-cial communication among all the staffs of ECX which I can say highly contributed for ECX to be a pleasant place to work.’’ Kumssa explained.

Kumssa aspires to learn new things, continue education in other fields, be a better parent ,good leader in areas where he is engaged and contribute in social activities. He is now working as IT Support Division Manager at ECX.

GEBEYACHIN8

September 2017

IT Corner

A Digital Junction for Commodities‘‘E-auction eliminate all the disadvantages of Manual Process’’The Indian Experience Meera SivaOnline auctions are likely to be used more and more in the future, helped by the government’s focus on transparency and digitisation, says Vinaya Var-ma, CEO of mjunction, a B2B e-commerce company.Besides auctions for traditional commodities such as steel, coal, food-grains and agri-commodities, e-auction is also being used for allocation of natural resources such as oil fields and gas fields, he says. Excerpts from a chat with Business Line:What is the segmental trend you see in e-auction in India?The trend of using e-auctions for buying and selling in India has risen sig-nificantly over the years, as there is an increased need for transparency, ef-ficiency and convenience. Besides segments including steel, coal, industrial goods, food-grains and agri-commodities, e-auction is also being used for allocation of natural resources such as oil fields and gas fields. In fact, the IPL (Indian Premier League) marketing rights should also be e-auctioned.How has mjunction’s journey been over the years?In the last 16 years mjunction has established itself as India’s largest B2B e-commerce company. Till date we have transacted over ₹5,56,858 crore on our e-platforms.We have been aggressively chartering new territories. Some of our recent successes are telecom spectrum, food grains, tea, food & beverage, rough diamond and ocean vessel chartering, among several others.Recently mjunction was appointed by the Directorate General of Hydrocar-bons (DGH) to build a platform for them to enable e-bidding, e-evaluation of bids, and e-allocation of oil and gas fields.This platform will aid in transparent allocation of the country’s natural re-sources, and help the country to reduce its oil import bill by $8 billion annu-ally, as per Petroleum & Natural Gas Ministry officials.How does the e-auction process work for a seller and a buyer?The e-auction process can be structured broadly into four steps. One, mjunc-tion’s field agents reach out to prospective clients and search business op-portunities. Two, participants are registered along with verification of docu-ments to check their credentials. The listing, promoting and pricing of the items to be auctioned are decided upon. Three, appropriate auction technol-ogy is selected before setting up of bidding rules.Bidding happens to get the successful bidder and finally there is the post auction follow-up that includes approval of materials purchased from bidder, invoice generation and delivery.

How does e-auction help reduce inefficiencies and hence price?E-auction eliminates all the disadvantages of a manual process. It enables to break geographical barriers and ensure wider participation of bidders. E-auction eliminates cartels and cuts down heavily on turnaround time. A completely online and transparent process enables market-determined fair price discovery and ensures equal opportunities for the smallest players in the market. This leads to an efficient and transparent supply chain. For exam-ple, mjunction received a mandate from Tata Steel for procurement

of logistics service providers (LSPs) regarding transportation of raw and finished products on a pan-India ba-sis.Working with a fixed set of LSPs over the years was leading to cartel formation and monopolistic business scenario. mjunction designed a tech-nical evaluation format to capture data and arrive at benchmark ratings for the LSPs, sourced new LSPs, as-sessed their technical capability and suggested LSPs who qualify on the benchmark ratings. Tata Steel made a total savings of ₹637 crore.What may be some issues that still need to be sorted out in e-auctions in India?One of the most important issues that needs to be sorted out is that bidders sometimes start quoting unfeasible rates, influenced by the heat of the moment.This can be solved with various system-based alerts/conditional stop-pers.What is your view on the future of e-auction in India and what are your plans?With the government’s focus on transparency and digitisation, manual processes will gradually be replaced by digitised systems and e-auctions are likely to be used more and more. mjunction is concentrating on build-ing its capabilities in such a way that it can compete by delivering a tech-nologically superior and secure plat-form.mjunction’s platform will provide end-to-end services for its clients. There will be a two-pronged strategy for e-auctions. One is to add more categories.Two, turn our auction sites into com-plete marketplaces where besides buyers and sellers, the entire ecosys-tem is present on the platform and is accessible online. The ecosystem typically will consist of transporters, financiers and inspection agencies, all of whom will contribute to a ho-listic transaction experience.

Source:www.pressreader.com

9September 2017 GEBEYACHIN

Guest of the Month

Emebet Tafesse is board chairperson of Ethiopian Women in Coffee Association ECX Gebeyachin newsletter had a breif discusssion with her about EWIC and re-lated issues

What is the objective of EWIC and what are its achievements since estab-lishmentThe objectives of EWIC are to enhance the advantage of women in coffee value chain which are involved in production, coffee preparation, export, trading, roast-ing and cupping through increasing their visibility by developing market integra-tion and penetration strategy. More over ,scaling up production and productiv-ity of women’s business through quality improvement, marketing knowledge and production technique is also the objective of EWIC.

As an association we have our vision that is fostering successful women in coffee business which their brand coffees will be displayed in big stores and consumers’ coffee tables to make their day bright.

Since the establishment of EWIC ,we have achieved a lot. EWIC has made var-ious activities though it is a very young institution. I feel like to mentioning some of the most important activities .we have designed our strategic plan as an associa-tion.

In addition, we involve in different pro-grams like the program Center for Busi-ness Development (CBI) specialty coffee program known as Ethiopian specialty Coffee” HIDDEN GOLD” FROM ‘THE LAND OF ORIGINS’ since the project launched 2015/2016 as a Business Sup-port Unit (BSO) and contributed a lot.in November 2016 we have arranged a visit with CBI to our members’ who have been involved in producing specialty coffee to travel to The Netherlands and Belgium to get exposure and learn about what Eu-ropean specialty coffee buyers want from the producers and to create networking

opportunities with buyers and in the mean time to visit Antwerp, the biggest port of coffee destination in Belgium. Our members got a chance to see how the buyers keep and distribute the coffee they bought from us. In addition to this, some of spe-cialty coffee producers have got a market opportunity and manage to export coffee to specialty buyers.

This program is still underway and the re-sult of the study was submitted to Ethiopia Coffee and Tea development and Market-ing Authority and Ministry of Agriculture to be taken as an input to specialty coffee market development of the country.As well as to be a nucleus for further study to be conducted in the future to increase the market share of our country with the special natural endowment we have.

Currently, EWIC work with CBI on brand development and we are wait to get feed-back from policy makers on the study made by CBI specialty Coffee” HIDDEN GOLD” FROM ‘THE LAND OF ORI-GINS’ in collaboration with BSOs.EWIC has worked jointly with African Fine Coffee Association (AFCA) 2017 which has hosted by our country to be suc-cessful and even proposed to AFCA, In-ternational Trade Center (ITC), and Inter-national Women Coffee Alliance (IWCA), the day to be dedicate for African Women in Coffee in recognition of their effort the coffee production to be sustainable. AFCA recognized the issue and decided to dedi-cate a full day program. EWIC hosted the program in collabora-tion with AFCA and invited various pan-elists from different institutions such as

the First Lady of Ethiopia Her Ex-cellency Mrs.Roman Tesfaye’s office,Ministry of Women and Youth, Center for African Women Empower-ment (CAWE), ITC, AFCA, SCAA, and others.AFCA has already accepted our pro-posal so that hereafter to dedicate one day for African Women in coffee on the annual coffee conference and exhi-bition which will take place in member countries. Our members have got their booth with a discounted price after seri-ous negotiation with AFCA to partici-pate on AFCA 2017. Their booth was highly visited by visitors and buyers.These are some of our achievements since our inception.What are the opportunities in the cof-fee processing industry for women?The coffee processing industry is one of the key areas to produce and improve the quality of coffee. It is an industry which can hire a lot of women in the country who can involve in washing, cleaning, picking, and cupping of cof-fee. If the women can get a better train-ing, conducive working environment, job security and fair wage it could be a big opportunity for women employees and to the industry and at large for our economic development and poverty al-leviation.What is the future plan of the asso-ciation?The future plan of the association is to work hard on the objective of the asso-ciation to be realized and its vision to be fulfilled and women to be the true lead-er of the industry as they have made a huge contribution for the development of the sector.What do you expect from ECX in the future?I think ECX has been a big market plat-form which became facilitator and in-strumental to trade various agricultural commodities of the nation. Every day, huge transactions have been conducted through ECX. ECX will remain as a market platform, if and only if it can keep the interest of all stakeholders. I would like to emphasize on the word all stakeholders as it is very vital for the survival and continuation of ECX..I hope that ECX will work hard to serve more. We hope to work with ECX closely to enhance the development of our country through modernizing our trading system.

ECX will remain as a market platform, if and only if it can keep the interest of all stake-

holders.

10 GEBEYACHIN

ECX Haricot Bean Facts

September 2017

Haricot beanDomestic Scenario: Haricot bean is one of the most important grain legumes grown in the low lands of Ethiopia, particularly in the Rift Valley. In these areas, white pea beans are grown for export purposes as well as for domes-tic consumption. Haricot bean is also a principal food crop particularly in the southern and eastern parts of Ethiopia.

Product Varieties: The varieties of haricot beans in use in the country include white, mixed, red, and other color types. The white haricot bean varieties are: Mexican 142, Awash 1 and Awash Melka. The other types of haricot bean varieties include: Key, Wolayta, Roba 1, Atendaba Brown, Speckled, Ayenew, Gofta, Zebra, Gobe Rash, Beshbesh, Melke, Tabor, Batagonia, Angeber, and TV.

Agro-Ecological Conditions: The altitude suitable for the growth of haricot bean ranges between 600 and 2,200m. The planting period for the haricot bean needs to be properly set such that harvest period falls during the dry season or before the onset of the rainy periods with a suitable rainfall between 450-700mm. The duration from planting to harvesting, for areas with altitude of 1,000-1,700m, is 85-95 days, while for areas with altitudes of 1,500-2,200m the duration becomes 110 days. Concerning the white pea bean, it is sown from the end of June to mid-July, usually not intercropped, and harvested after three months in October.

Commercialization: Throughout different regions, namely SNNPR, Eastern Hararghe and Western Ethiopia, white pea bean is consumed usually mixed with other cereals. In eastern and western Ethiopia, it is widely intercropped with maize and sorghum to supplement farmers with additional income. They are also consumed boiled, fried, milled, or grounded in the form of soups. Crop utilization survey data for haricot bean indicated that of the total national production of haricot bean, 69.87% was utilized for household consumption, 18.75% for sale; while the balance was used for seed; wage in kind, animal feed and other uses.

In general, earlier research estimates that, excluding the volume of grain set aside for consumption, seed and feed, 28 percent of total grain production (in-cluding oilseeds and pulses) is marketed, of which 29.8 percent is accounted by pulse crops in general. In general, the commercial grain supplies mainly come from the production of small farmers, private commercial farmers, state farmers, imports and food aid. The market participants in Haricot bean trade include producers (small holders and commercial farms), wholesalers, retail-ers, part-time farmer- traders, brokers, agents, assemblers, processors, coopera-tives, EGTE, and consumers.

Fun and Tips A student asked a professor of eco-nomics:- What is the difference between socialism and capitalism ?The professor answered- Capitalism is the exploitation of humans by humansThe Student:- And socialism ?The professor:- It’s the inverse of course. Q: Which one of our natural resourc-es will become exhausted first? A: The Taxpayer.

Johnny, if you had 5$ and you asked your father for 3$ more, how many dollars would you have?- I would have five dollars...- You don’t know your arithmetic, Johnny...- You don’t know my father, Mrs. Mutch...

Source:https://www.mt5.com/fo-rex_humor/forex_jokes/

The price of a commodity will never go to zero. When you invest in com-modities futures, you’re not buying a piece of paper that says you own an intangible piece of company that can go bankrupt.

Source:https://www.brainyquote.com

ECX A Market for

All

Source:www.ecx.com.et

September 2017 GEBEYACHIN11

Fat And Thinby Anton Chekhov________________________________________

Two friends -- one a fat man and the other a thin man -- met at the Nikolaevsky station. The fat man had just dined in the station and his greasy lips shone like ripe cherries. He smelt of sherry and fleur d’orange. The thin man had just slipped out of the train and was laden with portmanteaus, bun-dles, and bandboxes. He smelt of ham and coffee grounds. A thin woman with a long chin, his wife, and a tall schoolboy with one eye screwed up came into view behind his back.“Porfiry,” cried the fat man on see-ing the thin man. “Is it you? My dear fellow! How many summers, how many winters!”“Holy saints!” cried the thin man in amazement. “Misha! The friend of my childhood! Where have you dropped from?”The friends kissed each other three times, and gazed at each other with eyes full of tears. Both were agree-ably astounded.“My dear boy!” began the thin man after the kissing. “This is un-expected! This is a surprise! Come have a good look at me! Just as handsome as I used to be! Just as great a darling and a dandy! Good gracious me! Well, and how are you? Made your fortune? Married?

I am married as you see. . . . This is my wife Luise, her maiden name was Vantsenbach . . . of the Lutheran persuasion. . . . And this is my son Nafanail, a schoolboy in the third class. This is the friend of my childhood, Nafanya. We were boys at school together!”Nafanail thought a little and took off his cap.“We were boys at school together,” the thin man went on. “Do you remem-ber how they used to tease you? You were nicknamed Herostratus because you burned a hole in a schoolbook with a cigarette, and I was nicknamed Ephialtes because I was fond of telling tales. Ho--ho! . . . we were children! . . . Don’t be shy, Nafanya. Go nearer to him. And this is my wife, her maiden name was Vantsenbach, of the Lutheran persuasion. . . .”Nafanail thought a little and took refuge behind his father’s back.“Well, how are you doing my friend?” the fat man asked, looking enthu-siastically at his friend. “Are you in the service? What grade have you reached?”

“I am, dear boy! I have been a collegiate assessor for the last two years and I have the Stanislav. The salary is poor, but that’s no great matter! The wife gives music lessons, and I go in for carving wooden cigarette cases in a private way. Capital cigarette cases! I sell them for a rouble each. If any one takes ten or more I make a reduction of course. We get along somehow. I served as a clerk, you know, and now I have been transferred here as a head clerk in the same department. I am going to serve here. And what about you? I bet you are a civil councillor by now? Eh?”“No dear boy, go higher than that,” said the fat man. “I have risen to privy councillor already . . . I have two stars.”

The thin man turned pale and rigid all at once, but soon his face twisted in all directions in the broadest smile; it seemed as though sparks were flash-ing from his face and eyes. He squirmed, he doubled together, crumpled up. . . . His portmanteaus, bundles and cardboard boxes seemed to shrink and crumple up too. . . . His wife’s long chin grew longer still; Nafanail drew himself up to attention and fastened all the buttons of his uniform.“Your Excellency, I . . . delighted! The friend, one may say, of childhood and to have turned into such a great man! He--he!”“Come, come!” the fat man frowned. “What’s this tone for? You and I were friends as boys, and there is no need of this official obsequiousness!”

“Merciful heavens, your Excellency! What are you saying. . . ?” sniggered the thin man, wriggling more than ever. “Your Excellency’s gracious at-tention is like refreshing manna. . . . This, your Excellency, is my son Nafa-nail, . . . my wife Luise, a Lutheran in a certain sense.”The fat man was about to make some protest, but the face of the thin man wore an expression of such reverence, sugariness, and mawkish respectful-ness that the privy councillor was sickened. He turned away from the thin man, giving him his hand at parting.The thin man pressed three fingers, bowed his whole body and sniggered like a Chinaman: “He--he--he!” His wife smiled. Nafanail scraped with his foot and dropped his cap. All three were agreeably overwhelmed.

12

Picture HighlightsSeptember 2017 GEBEYACHIN

ECX Consultative Discussion with Stakeholders

Trading at the open Outcry

Awassa Bonded Yard Coffee sampling area Coffee Tasting

Coffee Grading and Tasting