Olam Said to Expand Brazil Unit With Grains, White-Sugar Tradingby and
Singapore-based company said to tap Cargill grain trader Jorge
Trader Caprara said to move to Brazil to focus on white sugar
Olam International Ltd., one of the world’s largest food traders, is expanding its presence in Brazil, according to people familiar with the matter.
The Singapore-based company has started trading grains in the South American country after hiring Catia Jorge from Cargill Inc., said three of the people, who asked not to be identified because the move hasn’t been announced. Danilo Caprara, an Olam trader who had previously been sent to London from Brazil, has returned to Sao Paulo to focus on white-sugar, two people said.
Nikki Barber, a spokeswoman for Olam in London, declined to comment on the expansion.
Olam first entered Brazil, the world’s largest producer of sugar, coffee and orange juice, in 2002. The company’s trading in Latin America’s largest economy started with cashew nuts. It also handles coffee, cotton, spices and sesame, according to information on its website.
While Olam is better known for its involvement in soft-commodity markets such as coffee and cocoa, grains trading is becoming more important. The company became active in the grains market in 2008 and its focus has been mostly on the Black Sea region and Africa. Olam hired Carl Desjardins earlier this year from what was then Grupo BTG Pactual’s commodity unit to lead its grains team in Switzerland.
Olam’s sugar business hired Toby Chamberlain from Louis Dreyfus Co. as vice president of white-sugar trading. He started in May in London. At the time, Chris Thompson, Olam’s senior vice president of sugar, said the company continued to build its white sugar business.