Oxfam reaction to Glencore Director saying the US drought is good for business

22nd Aug 2012

Jodie Thorpe, spokesperson for Oxfam's Food Justice GROW Campaign said:

"Unguarded comments from one of Glencore's top brass give us a rare glimpse into the little-known world of the huge trading companies which dominate the global food system.  These mega companies are profiting from the misery and suffering of poor people who are worst hit by high and volatile food prices. They use their privileged market position and access to information to exploit high and volatile prices, and their political muscle to oppose tougher regulation of their activities on commodity markets. 

"If we are going to fix the ailing food system traders must be part of the cure. They must help curb food price volatility by supporting better regulation and transparency of commodity markets, providing better information on the food stocks and flows which they control and stop supporting biofuels mandates which turn food into fuel."  

NOTE: Oxfam has recently published research into the activities of traders - please find via the link here:
http://www.oxfam.org/en/policy/cereal-secrets-worlds-largest-grain-traders-global-agriculture