iraq/wheat/our trops, page-27

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    The trucking company was merely a front for Saddam's regime. Value adding is less about labour nowadays than willingness to invest infrastructure (depreciating assets). No investment by multinational grains traders like Cargills, Bunge, ADM etc because there is no way to trade excess grain if it had been bought surplus to need or on spec. Like at the moment, grain traders are trying to accumulate as much grain as possible because it is so cheap and likely to never be this cheap unless the oil/gas price crashes. Graintrading for these guys is as much a part of their core business as the value adding, becuase volatility in markets and production results can present trading opportunities.
 
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