Grains & Oilseeds
Wheat, corn (maize), soybeans, and rice are the four most important calories on earth. The US, Brazil, Argentina, and Australia are the main exporters. The Black Sea region (Ukraine, Russia) has become the swing supplier for wheat and corn, making geopolitics central to price discovery.
Key Concepts
Resources
- USDA WASDE Report
The World Agricultural Supply and Demand Estimates — the most market-moving monthly report in agricultural commodities. Released on the 10th-12th of each month. Free.
ReportFreeUSDA
- IGC Grain Market Report
International Grains Council monthly report on wheat, corn, and other grains. Shorter and more accessible than WASDE. Free summary available.
ReportFreeIGC
- The World for Sale (Book)
The definitive account of how commodity trading houses operate — their history, business models, geopolitical influence, and risk-taking. Essential reading for anyone entering the industry.
ArticleBlas & Farchy
Learning Path
Global Grain Balance and WASDE Signaling
Grain markets track production, stocks, and trade balances, with WASDE revisions often resetting expectations across crop years.
2 case studies →
Basis, Freight, and Port Logistics
FOB/CIF structure and internal logistics costs determine basis behavior, linking regional physical constraints to global futures pricing.
2 case studies →
Policy Shock Transmission and Food Security
Export restrictions, subsidies, and food security measures can quickly reroute grain flows and amplify volatility in import-dependent regions.
2 case studies →
Key Players
Cargill
Minnetonka, Minnesota, USA
The largest privately held company in the US by revenue. Cargill dominates agricultural commodity trading — grain, oilseeds, meat, and sugar — alongside financial risk management and logistics. Its Black River hedge fund arm trades across commodities.
Revenue model
Margin on agricultural trading, processing (crush, milling), and logistics. Risk management services for agricultural producers. Also trades metals and financial instruments.
Largest privately held US company; dominant in global grain trading and processing
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
160-190bn
EBITDA
7-12bn
Net Income
2-6bn
Confidence: medium · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Louis Dreyfus
Amsterdam, Netherlands
One of the 'ABCD' grain majors (Archer Daniels Midland, Bunge, Cargill, Dreyfus). Louis Dreyfus is particularly strong in cotton, sugar, juice, and coffee alongside grains. Headquartered in Amsterdam, trading history dating to 1851.
Revenue model
Origination (buying from farmers), processing, and distribution. Margin captured across the agricultural supply chain from farm gate to consumer market.
Largest cotton trader and orange juice trader globally
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
45-65bn
EBITDA
1.5-4.0bn
Net Income
0.4-1.8bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Viterra
Rotterdam, Netherlands
A major agricultural commodity trader and processor, particularly dominant in canola/rapeseed and grain. Formed from the merger of Glencore's agricultural business with Viterra. Now being acquired by Bunge.
Revenue model
Origination, processing, and distribution of agricultural commodities across North America, Australia, and Europe.
Dominant canola trader in Canada; major grain handler in Australia
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
40-70bn
EBITDA
1.5-4.0bn
Net Income
0.4-1.5bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Glencore
Baar, Switzerland
The world's largest commodity trader by revenue and one of the largest mining companies. Glencore trades everything from coal and copper to oil and agricultural products. Founded by Marc Rich, now headquartered in Baar, Switzerland.
Revenue model
Margin on physical commodity trades + mining/production equity. Profit from information asymmetry, logistical edge, and balance sheet to hold inventory. Marketing (trading) and industrial (mining) segments.
Largest coal trader globally; controls ~10% of seaborne thermal coal trade
WebsiteMarket Snapshot
STALELSE:GLEN (GBP)
Price
N/A
Daily Change
N/A
Market Cap
N/A
P/E
N/A
As of 2026-03-21T00:00:00Z · Source: Pending first automated market snapshot run
Financial Snapshot
Public filing derivedFY
2024
Revenue
$217bn
EBITDA
$17.0bn
Net Income
$4.3bn
Confidence: medium · Source: Glencore annual reporting (rounded)
Rounded values for educational orientation.