The well-worn phrase, ‘if it’s not mined, it’s farmed’, comes to mind when analysing the business model of commodities producer and trader Glencore. While the Swiss group, with strong South African ties, is best known for its minerals and fuels operations, Glencore Agriculture is making its presence felt increasingly in the trading of food. Pictured is an employee walking past a grain silo containing products for Glencore at the European Bulk Services terminal at the Port of Rotterdam, in the Netherlands. Bloomberg reports that the standalone enterprise currently generates more revenue from owning fixed assets in strategic locations than from trading.