The BRICS group, which comprises major wheat exporters and importers, wants to create a new international grain exchange.

‘Wheat OPEC’ idea faces uphill battle

Analysts say proposed BRICS grain exchange is doomed to fail; compare it to similar initiatives attempted in the past

Russia’s proposal to create a new international grain exchange was recently approved by the BRICS group of countries at a summit in Russia. BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates. It includes some of the world’s biggest crop importers and exporters.