大型商品公司如何使用金融来获得优势

像嘉吉，Bunge，Trafigura等大商品公司都运行非常复杂的融资业务。例如，Cargill运行内部对冲基金以提供竞争对手的竞争优势。

Many of these companies will have internal Trade & Structured Finance groups that focus on a variety of things

• 管理当地货币曝光在新兴市场货币中，尤其是具有严格的外汇控制的货币。这包括平衡遣返资本的需求与当地货币的需求与货币的资金生长和收获。在休赛期间，当现金处于盈余时，本集团必须找到投资和管理盈余现金的方法。
• Handle Subsidiary Finance needs– large commodity players have vertically and horizontally integrated operations encompassing processing, warehousing, transportation, trading, merchandising, custody and exporting. They do this for a variety of soft and hard goods, including corn, wheat, sugar, barley, sunflower, soy, coal, etc. in multiple countries. The working capital requirements to manage these operations can easily be in the $50M to $1bn local currency range. When commodity companies need additional working capital, they must find most cost and tax effective ways to get money into the country, all the while dealing with punitive taxes and currency controls.
• 为所有潜艇处理贸易和商品融资- 当您从巴西销售大豆到中国时，通常会在信用证基础上与延期付款条款进行。本集团必须确保适当的银行线路覆盖流量和价格冲击。

Straddling these three needs requires a deep understanding of tax, currency, and legal bankruptcy issues, and also understand what banks can be helpful. Maintaining relationships with bank lenders critical, especially who has risk appetite for what. This can change dramatically, as we found after the 2008 Financial crisis when access to USD deposits impacted the commodity lending business of several large European banks, including BNPP, Credit Agricole, etc. The other issue is the direction of commodity prices. Lending against commodities which soar in prices, like we had a few years back, is a lot easier than when prices can fall, or even collapse due to growing conditions,

复杂的贸易公司对其商品有深刻的了解，并一直在寻找贸易融资与资本市场之间的独特异常和套利 - 创造盈利中心。事实上，在一个大型贸易公司，贸易得出如此之大，套利机会是销售中最大的贡献者，这使得这家公司可以出售低利润并占地，蓬勃发展，等等。