In 1979, Dan Morgan, a journalist with the Washington Post, wrote Merchants of Grain, a definitive history of the international grain trade. In the 40 years since Dan’s book was published the grain markets have changed almost beyond recognition. So too have the merchants of grain. Once shadowy figures, grain merchants have now come out of the shadows.

Almost everything that you eat or drink today will contain something bought, stored, transported, processed, shipped, distributed or sold by one of the seven giants of the agricultural supply chain. The media often refers to them as the ABCD group of international grain-trading companies, with ABCD standing for ADM, Bunge, Cargill and Dreyfus. The acronym, though, ignores the other three giants of the food supply: Glencore, COFCO International and Wilmar. Together, they handle 50 percent of the international trade in grain and oilseeds.

In this book’s series of exclusive and unprecedented interviews, CEOs and senior traders from these seven giants describe in their own words how the agricultural markets are changing, and how they are adapting to those changes.

This is the inside story of the grain market and of the seven companies at the centre of the world’s food supply.

Available on Amazon


Milking it

Regular readers will know that one of the recurring themes in my books and blogs is the idea that power has shifted along the supply chain first from farmers to traders, then from traders to processors, then from processors to retail and finally from retailers to consumers. The Internet and social media have empowered the …

Commodity Conversations Weekly Press Summary

Global chocolate makers have asked the European Union to make cocoa importers liable for environmental and human rights abuses in their supply chain. They say that the current voluntary measures aren’t working and that existing certification systems have failed as cocoa production, especially in West Africa, continues to cause deforestation and use child labour. Similarly, …