Beyond the ’Big Four’: The new reality of global grain trading

In this episode of the Feed & Grain Podcast, host Steven Kilger interviews Dr. William Wilson about his paper, “Dynamic changes in the structure and concentration of the international grain and oilseed trading industry,” and challenging the narrative of ABCD dominance in grain trading. Wilson explains how digitization and facility expansion have enabled new competitors to emerge, with Chinese firm COFCO and Russian traders gaining significant market share. The conversation explores how food security concerns are driving sovereign wealth funds to invest in trading companies, creating a “competitively fierce” landscape. Wilson predicts increased mergers, greater risk from climate change and logistical bottlenecks, and more government intervention in markets.