The world’s largest commodity traders have a
significant impact on the modern agri-food system. Archer Daniels
Midland (ADM), Bunge, Cargill and Louis Dreyfus, are dominant traders of
grain globally and central to the food system, but their role is poorly
understood. This report considers the traders – collectively known as
the ABCDs – in relation to several global issues pressing on
agriculture: the ‘financialization’ of both commodity trade and
agricultural production; the emergence of global competitors to the
ABCDs; and some implications of large-scale industrial biofuels, a
sector in which the ABCDs are closely involved. The report includes a
discussion of how smallholders in developing countries are affected by
these changes, and highlights some development policy implications. The
report highlights the ways in which these four firms are decisive actors
in the global restructuring of the overlapping food, feed, and fuel
complexes that is now under way, and considers how the firms are
evolving as they respond to and shape new pressures and opportunities in
the food system.
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