I just recently came across an impressive blog entitled Front-Run The Delta. A recent post over there took a look at the business model of Glencore. There are many valuable ideas to traders in it and I suggest you take a look.
Although I rarely see or hear much mention or information of it on the web, it seems I’m not the only one that has a deep fascination with the large physical commodity trading firms. I first got interested in this area when I read The King of Oil which is a biography of Marc Rich (whose firm was later renamed Glencore). I’ve mentioned this book before in this recent post. Next I ended up getting a hold of a copy of Merchants of Grain, which profiles the five private companies that control the majority of the world’s grain supply. Both are great reads and again, I agree with Roger that these guys are the best of the best in trading. And as such little guys like you and I should take note and try to learn all we can from them.