Oxfam reaction to Glencore statement on the drought 'business opportunities'

Published: 22nd August 2012

In response to Glencore director saying the US drought was good for business:

Jodie Thorpe, spokesperson for Oxfam’s 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."

Related links

Blog: The ABCDs of the global grain trade

Case studies: Today's rising food prices will trap millions tomorrow - case studies

Oxfam's analysis of 2012 global food price rises (pdf 237kb)

Video: Food Speculation: a matter of life and death

Contact information

For more information, please contact:

Sunita Bose: +415-513-3045 / sbose@oxfamamerica.org