October 26, 2025

India is gearing up to gain from a spicy new idea among BRICS countries—a grain exchange that hopes to rival the US-based Chicago Mercantile Exchange (CME). Brazil, meanwhile, is urging BRICS to create a shared stockpile of grains to avoid relying on outside markets. Why now? The US hiked import tariffs, using them like a sword to pressure countries into its trade deals. This fired up BRICS to push forward with both Russia’s grain exchange and Brazil’s food reserve, at least for a test run soon. September saw Russian Deputy Prime Minister Dmitri Patrushev chatting with India’s Prime Minister Narendra Modi about the grain exchange plan. Russia wants a pilot in 2026 and a grand launch by 2027. Russian officials complain about unfairness on CME, which runs big exchanges like CBOT and NYMEX, saying the new BRICS exchange could save them a whopping $2.5 billion every year. Russia’s idea is to start with wheat, corn, and barley. Later, they could add oilseeds, legumes, rice, and soybeans. They promise the platform will follow WTO rules. Brazil is pushing the idea of a BRICS Food Security Reserve—a big grain stash to protect against global supply shocks, price jumps, and climate troubles. India has some doubts but is listening carefully. Pilot programs for certain crops could get NDB funding, aiming for full rollout between 2026 and 2028. The grain reserve plan might take center stage at the BRICS ministerial meeting on October 30 about new investments. Also spicy is a new deal between Brazil and South Africa to share farming tech and boost food reserves, syncing with Brazil’s BRICS reserve plan. An expert says, “After the tariff hike, exports of BRICS to the US have started receiving the impact and significant drop in agri commodities shipments will further push these countries work together.” But China’s surprise fertilizer export ban has stirred some worries in BRICS. Brazil’s 2025 BRICS chairmanship launched the grain reserve plan, backing Russia’s grain exchange by focusing on real, physical reserves. The April 2025 joint declaration gave a big thumbs-up to putting BRICS in charge of food sovereignty. With Egypt, Ethiopia, Iran, and UAE joining, BRICS now grow nearly 45% of the world’s grains and export 25%. Their trade could cross $1 trillion a year! Brazil, a giant in soybeans and corn, says it can manage the reserve to cover countries like India that rely on imports. But hold on—the road isn’t all smooth. Experts warn that legal issues around sharing grains cross-border and lack of firm commitments could slow things down. It’s a bold dream with challenges ahead, but BRICS is cooking up a fresh recipe for food security the world will watch closely.

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Tags: Brics grain exchange, Grain stockpile, India, Russia, Brazil, Food security,