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HomePosts Tagged "Bangkok Produce Merchandising Public Company Limited (BKP)"
Agribusiness, Agrotech, Company News, Poultry, Thailand

Three additional ships carrying an additional 180,000 metric tons of soybean meal are expected for shipment by July 2024.

Bunge, a leading agribusiness and food company, and Bangkok Produce Merchandising Public Company Limited (BKP), a subsidiary of Charoen Pokphand Foods Public Company Limited (CPF or CP Foods), a world leader in food, jointly tested a traceability platform using blockchain technology for sustainable soy. To date, three shipments totalling 185,000 metric tons of deforestation-free soybean meal have been loaded in Brazil and are headed to Thailand, allowing CP Foods to trace the soybeans from farm origin, processing, and transportation, to delivery at and destination. Three additional ships carrying an additional 180,000 metric tons of soybean meal are expected for shipment by July 2024.

These products comply with Bunge’s and BKP’s socio-environmental supplier verification protocols and have been grown in high-priority regions with zero deforestation since 2020, aligning with the cutoff date determined in the sourcing standard developed by CP Foods. In addition to compliance with different socio-environmental criteria, the platform also offers customers access to information including the carbon footprint of the volumes sold and whether the farm has adopted regenerative agricultural practices.

Paisarn Kruawongvanich, Chief Executive Officer of Bangkok Produce Merchandising stated that the company is working to connect blockchain-based traceability solutions with suppliers, partners, and farmers worldwide, ensuring transparency across its supply chain. “In the initial stages of our partnership with Bunge, we have shipped the first vessels of soybean meal verified deforestation-free, fully traceable from farms to their destination in Thailand for CP Foods. This marks a significant milestone for Charoen Pokphand Foods to achieve 100% deforestation-free supply chains by 2025,” added Kruawongvanich.

“Adding a layer of blockchain technology improves the transparency in end-to-end traceability that Bunge has been doing for some years.  This ability to increase end-consumer confidence in soy projects is only possible thanks to the robust supplier’s socio-environmental verification and monitoring system that we have structured over the last decade, which uniquely positions us to provide the connection of proven sustainable products with markets where the demand for them is increasing,” says Rossano de Angelis Jr., Bunge’s Vice President of Agribusiness in South America.

The two companies have been collaborating since October 2023, when they announced a partnership to develop technical, commercial and operational feasibility studies for a blockchain traceability solution to build a sustainable and digitally integrated supply chain. The agreement involves oilseeds and their by-products sourced by Bunge in Brazil destined for several Asian countries, where BKP and CP Foods produce and sell feed and food.

The ongoing tests aim to automate the connection between Bunge and BKP’s supplier management and socio-environmental monitoring systems with a digital platform. This enables the customer to monitor and receive product traceability data, in addition to accessing socio-environmental information from the sourced farms. The blockchain technology ensures an additional layer of reliability, as it makes data immutable once it enters the platform.

For Bunge’s Distribution Director in Asia, Mohit Purbey, the deep and trusting relationship Bunge has built with CP Foods over the years was key to the project. “It is also an example of how Bunge can create tailored solutions to help our customers fulfill their own sustainability commitments,” he adds.

Three additional ships carrying an additional 180,000

Agrotech, Company News, Live Stock, Poultry, Sustainability, World

The agreement involves grain sourced by Bunge in Brazil and destined for several countries in Asia, where BKP and CPF produce and sell feed and food.

Bunge, one of the world’s leading agribusiness and food companies, and Bangkok Produce Merchandising Public Company Limited (BKP), a subsidiary company of Charoen Pokphand Foods Public Company Limited (CPF), a world leader in food, have signed a memorandum of understanding to collaborate on developing a blockchain solution for the traceability of soy and deforestation-free products. The agreement involves grain sourced by Bunge in Brazil and destined for several countries in Asia, where BKP and CPF produce and sell feed and food.

This partnership will enable both companies to carry out technical, commercial and operational feasibility studies to build a sustainable supply chain and integrate digitization. The agreement aims to transform traceability data from the field to final customers.

Paisarn Kruawongvanich, Chief Executive Officer of BKP, said blockchain technology will improve traceability of the Agro-industry and company’s food supply chain, providing transparency and ensuring product quality and safety for customers. The agreement with global business partners aligns with BKP’s commitment to achieving a net zero supply chain in 2050.

“Tracing raw materials around the globe, including soy, back to the source is key to ensuring both directly and indirectly sourced raw material do not come from encroachment areas or areas of deforestation,” Kruawongvanich added.

“Bunge strives to be the preferred sustainable solutions partner for producers and customers. The partnership with BKP reflects our business vision that leverages technology as an important tool. Over the past few years, we have built a robust social and environmental verification system that includes advanced traceability and monitoring of our suppliers. We believe that, together with our customers, we will build sustainable supply chains with an additional layer of reliability guaranteed by blockchain,” explains Rossano de Angelis Jr., Bunge’s Vice President of Agribusiness for South America.

Monitoring currently carried out by Bunge covers more than 16,000 farms, or up to 20 million hectares in South America, and relies on state-of-the-art satellite technology, capable of identifying changes in land use and soybean planting on each monitored property. In Brazil, Bunge currently monitors all of its direct supply chain in areas subject to deforestation and is moving toward fully covering the indirect supply chain by 2025. More than 97% of the volume of soy purchased by Bunge is verified free from deforestation and conversion, progressing the company closer to its deforestation-free value chain goal.

By involving two global companies, the scale of the initiative has the potential to raise standards of transparency in the Brazilian soy value chain and increase the confidence of end consumers in soy-derived products around the world.

Through the memorandum, both companies also commit to discussing the possibility of future collaboration on other services, such as exploring opportunities for further integration among systems, with a focus on enabling real-time data transfer, measuring the carbon footprint of the volumes traded with BKP, and improving the digital traceability solution to be compatible with sustainability certification standards, such as the Round Table on Responsible Soy (RTRS), and the International Sustainability & Carbon Certification (ISCC).

The agreement involves grain sourced by Bunge