Cargill Global Book Lead Liquid Oils in Wayzata, Minnesota
Global Book Lead Liquid Oils
Cargill provides food, agriculture, financial and industrial products and services to the world. Together with farmers, customers, governments and communities, we help people thrive by applying our insights and over 150 years of experience. We have 155,000 employees in 70 countries who are committed to feeding the world in a responsible way, reducing environmental impact and improving the communities where we live and work.
Global Edible Oil Solutions' (GEOS) regional structure is the foundation for how trading and merchandising is organized in the group and for the reporting of trading PNLs. The group has global risk limits, and trading teams must balance the needs of the commercial side of the business while maximizing trading opportunities. The trading and risk management function serves the business in a number of different ways, including, but not limited to: pipeline management, origination, business and customer price risk management. Trading teams take anticipatory risk over and above the risk associated with managing pipelines. This price risk can be categorized into global and regional risk; though it must be understood that global vegoil markets are correlated. Where it makes sense for GEOS, global price risk is managed globally, specifically for all tropical oils, for most liquid oils, and for customer price risk.
This Global Book Liquid Oils Lead oversees all trading and hedging in liquid oils for the globe. The incumbent bears full PNL responsibility and has a high degree of autonomy and independence within a framework set by the GEOS NA Trading Manager and GEOS Global Trading Director. Trading positions are complex and global, and include both cash and futures markets, and several liquid oil product lines including, but not limited to (soy bean oil, rapeseed oil, sunflower oil, cottonseed oil, peanut oil, corn oil, lard, tallow, and specialty oils). Trading revenues in liquid oils in all regions account for a significant portion of overall trading earnings.
GEOS or Group refers to GEOS plus GEOS APAC. Global refers to all regions, explicitly including Asia-Pacific, but excluding the O&S separate limit.
CUSTOMER INTERFACE AND SCOPE – 30%
Trading positions are complex and global and include both cash and derivatives markets, and multiple liquid oil product lines.
Trading revenues in liquid oils in all regions account for a significant portion of overall trading earnings.
Collects, interprets, and synthesizes inputs from all liquid oils desk leads, among other, to inform trading strategies
Sets trading strategies for global price risk and game plans for execution for liquid oils desk leads.
Global price risk strategies include time spreads, relative value and flat price and make use of cash oils and derivatives.
Global strategies do not include pipeline management decisions in function of e.g. quality requirements, refinery running rates, or shifts in demand forecasts; or pure domestic plays such as sourcing at domestic parities and selling at world price parities.
Oversees current business relationships with strategic brokers, suppliers, and shippers including WTG, AMG, O&S, and CASC to manage and monitor GEOS’ global liquid oils trading book.
Provides input and guidance on strategic internal and external stakeholder relationships when requested. Examples are: be the subject matter expert in capex projects as they relate to liquid oils or in interactions with customers whose portfolios include liquid oils.
Responsible for standing up the framework of the GEOS Global Liquids Book and identifying synergies in global liquid markets and opportunities to connect and manage risk globally, including but not limited to work with the GEOS regional liquid book leads, and alignment with O&S product line leads.
AUTONOMY AND RISK TOLERANCE – 30%
Independently develops and articulates all trading and hedging strategies for the group as they relate to global price risk. Bears responsibility for game plan execution. Works closely with the regional liquids book leads to identify and challenge regional strategies and fit with the global strategy.
Oversees anticipatory risk-taking in futures, options, OTC derivatives and cash oils and the execution of hedges.
Answers to the GEOS NA Trading Manager for the strategy, execution, and heeding decisions related to trading anticipatory positions in SBO derivatives, and ultimately trading revenues in SBO for GEOS NA. Also, answers for Global GEOS liquids trading strategy logic, coherence and consistency of strategies, utilization of risk limits, and ultimately trading revenues.
Since GEOS’ regional structure is the foundation for how trading and merchandising is organized in the group, this role is matrixed– see org chart. There will be overlap to some degree between global price risk strategies and pipeline management decisions or pure domestic plays as these mutually interact.
The incumbent has full autonomy in developing global trading strategies and closely works with regional trading leads and O&S product line leads to ensure the commercial side of the business is served well.
The incumbent is expected to demonstrate the maturity and ability to manage this duality inherent in GEOS’ trading books and quickly find solutions to potential conflicts under the following two absolutes: 1. No off-setting risk positions within one book; and 2. Trading strategies do not jeopardize pipelines or any region’s ability to serve customers
Independently engages with Cargill’s Commodity Risk Committee (CRC) and senior risk managers for limit requests, risk limit reviews and PNL flags
Same, as needed, with Cargill’s Financial Risk Committee (FRC)
STRATEGY DEVELOPMENT AND EXECUTION CAPACITY – 15%
Independently develops and articulates all trading and hedging strategies for the group as they relate to global price risk. Bears responsibility for game plan execution.
Manages and coaches a team of desk leads who execute these trading strategies and hedges.
While the incumbent has full autonomy in developing global trading strategies, he/she closely works with regional trading leads to ensure the commercial side of the business is served well
The incumbent is expected to demonstrate the maturity and ability to manage this duality inherent in GEOS’ trading books and find solutions to potential conflicts without delay
Specific activities not mentioned elsewhere and in support of the above:
Exploits global arbitrage opportunities (e.g. between origins) and pricing anomalies
Hedges, where possible, peripheral global risks, e.g. freight or major currency risks
Fosters knowledge sharing within the team of desk leads and with A&F, RMG and GTA teams.
ANALYSIS AND REPORTING – 15%
Bears responsibility for risk and position reporting for liquid oils and foreign exchange and ensures relevant limits are adhered to.
Has a solid understanding of risk metrics such as stress, VAR, Sharpe and PNL ratios and champions the use of these metrics to guide decision-making and assess return on risk. Uses these metrics to inform performance discussions with desk leads.
Monitors the relationship with A&F, RMG and GTA teams to ensure best-in-class analysis of risk, PNL and SND to support execution of trading strategies with a high degree of confidence.
Leverage global scope to enhance regional reports and elevate to a global world-class standard.
This analysis includes but is not limited to: global market trends; global supply, demand and order flow; market shares and competitive analysis; ocean freight spreads; and return on risk
Utilize technology and resources, including but not limited to: data analytics in conjunction with the data lab, GTA, and regional GEOS trading data scientists, PowerBI, tableau, to organize and transform data into a tradeable edge.
PEOPLE MANAGEMENT / DEVELOPMENT – 10%
Develops and leads a team of desk leads (M1 level) in the area of global price risk.
Ensures the team of desk leads has cutting edge knowledge, technology, data and analysis to deliver superior trading earnings.
Uses agreed metrics (see above) to inform performance discussions with desk leads in collaboration with the regional trading managers.
Develops critical capabilities (trading & risk management and data & analytics)
Champions the Cargill Leadership Expectations and Cargill Values.
10 years of trading experience
Strong trading PNL track record for 3 years
Proven track record of building and leading high-performing trading teams
Excellent communicator, strong presentation skills
Strong influencing skills – especially across geographies, groups, and enterprises
Proven ability to work effectively in a matrixed structure
Accurate, resilient and able to continue performing under stress
Proven ability to quickly adapt to changing environments
Proven strong cultural sensitivity
Master’s Degree or equivalent
Meaningful exposure (2-4 years) to adjacent functions such as sales, business development or commercial teams
7 years of direct trading/merchandising PNL responsibility
Knowledge of relevant commodity or willing to acquire this knowledge
Series-3 or relevant certification (US derivatives certification)
Significant experience in the vegetable oils complex, in particular in liquid oils
Proven learning agility – curious to learn and apply learnings on the job
Experience in leveraging technology-enabled data to inform trading decisions
Demonstrated strengths in all 3 areas of the Cargill Leadership Expectations
Equal Opportunity Employer, including Disability/Vet.
Job Trading & Merchandising
Primary Location US-MN-Wayzata
Job Type Standard
Shift Day Job
Req ID: WAY06923