Strong Source

Alfonso Peccatiello, Founder and CIO of Palinuro Capital, masterfully explains the intricacies of the global dollar system. He delves into how commodities priced in USD compel countries to invest in U.S. Treasuries and discusses the creation of money through government deficits and private leverage. Alfonso highlights why the dollar remains dominant despite frequent predictions of its decline and examines how inflation impacts younger generations. His insights into the complexities of macroeconomics are both clear and compelling.

Gert-Jan van den Akker, a former EVP at Cargill with over 30 years in commodities, shares insights from his transformative career. He recounts his early days in trading without the internet and how he shifted from law to freight trading. Gert-Jan discusses the evolution of global freight strategies, managing crises during the financial downturn, and fostering a culture of accountability. He emphasizes the importance of deep market analysis and how a focus on China and South America reshaped asset portfolios in the industry.

Join Alex Sanfeliu, President of the World Trading Group at Cargill, as he shares insights from over 30 years in agricultural trading. He reveals the traits that define great traders, emphasizing the power of humility over ego. The conversation dives into a high-stakes moment involving 31 Panamax vessels and explores how AI is changing trading strategies. Alex also discusses the evolving role of leadership amidst market crises and the need for adaptive resilience in future traders. It's a masterclass in navigating the complexities of global commodities.

Denis Zaica, Chief Trading Officer at FincoEnergies, shares his inspiring journey from cocoa trading to shaping biofuel strategies. He discusses the complexities of navigating the biofuels market amidst geopolitical tensions and rising fossil fuel prices. Denis emphasizes the importance of adaptability in commodity trading, and how ongoing education is vital for success. He highlights the need for trading to balance instinct with data-driven insights while reflecting on personal growth and networking in this challenging industry.

Martijn Noordhoek, Head of Marketing and Global Supply Chain at Viterra and a veteran of the global sugar trade, shares his journey from a commercial traineeship to mastering sugar trading. He discusses the steep learning curve for newcomers and the complexities of raw vs. white sugar. Martijn reveals how factors like geopolitics and logistics affect trade flows, alongside the health trend of Ozempic impacting sugar demand. He also contrasts the cultural dynamics of different trading firms, emphasizing the importance of company culture and adaptability in this competitive landscape.

In this episode of The Strong Source, we welcome Richard Allen, President of Fonterra Global Ingredients — the world’s largest dairy exporter — for an open conversation about the future of dairy, volatility in commodity markets, and the complexity of global supply chains.From his 18-year journey across continents with Fonterra to the bold decision to divest the company’s consumer division, Richard shares powerful insights on the evolution of the dairy industry, risk management, and what it takes to lead in uncertain times.

Daan Struyven, Co-Head of Commodities Research at Goldman Sachs, shares his wealth of knowledge on the evolving commodities landscape. He discusses the accelerating demand for gold as a safe investment amid rising geopolitical tensions. The conversation dives into the future of oil and renewables, predicting a peak in oil consumption by 2034. Struyven also explores the unpredictable nature of black swan events and their economic effects, offering sage advice for future commodities professionals on the importance of research and adaptability.

Our guest star in this episode is Corinna Olearo, Head of Commodity Research and Price Risk Management at Nestlé. With over 17 years of experience in the commodity sector, she brings a sharp analytical mind and deep market insight to one of the world’s largest food companies. Starting her career as a sugar analyst, she now oversees a broad range of commodities, from cocoa and coffee to dairy and energy. In this episode, she shares her journey, the challenges of managing price risk at scale, and why curiosity, adaptability, and clear communication are essential in the ever-volatile world of commodities.

Kendra Rhodes, Director of Global Risk Management at General Mills, shares her extensive experience in commodities procurement and market analysis. She discusses the evolving landscape of risk management, highlighting a shift from complex derivatives to simplified hedging strategies. Kendra emphasizes the importance of data and agility in decision-making, providing insights on managing market volatility. She also offers valuable advice for newcomers in the industry, encouraging critical thinking and networking while promoting more female participation in commodities.

Fausto Filice, a veteran commodities trader with over 30 years at Cargill and Bunge, discusses the dynamic evolution of global grain markets. He delves into the transition from traditional deal-making to data-driven strategies, emphasizing the lasting importance of fundamentals. Fausto shares insights on effective leadership, the impact of technology on trading, and the critical role of teamwork. He also reflects on managing risk, navigating market volatility, and the personal qualities that contribute to trading success.