CocoaRadar Dutch Week: Former Cargill Trader Defends Role of Speculation in Cocoa Markets

As criticism of commodity speculation intensifies, Dutch-based former Cargill cocoa trader Martijn Bron argues that speculators are an essential part of keeping agricultural supply chains functioning rather than a source of instability.

In an interview with Netherlands investigative journalism platform Follow The Money, Bron, who spent more than 26 years at Cargill before leaving in 2023, said speculators provide the liquidity needed for producers, traders and manufacturers to hedge price risk.  

Bron explained that companies throughout the food chain seek predictable prices, relying on futures markets to transfer risk to investors willing to take the opposite side. He argued that price movements themselves help balance supply and demand, encouraging production when prices rise and preventing structural shortages.  

Drawing on his years leading cocoa trading at Cargill, Bron said physical traders with deep knowledge of harvest timing and crop conditions often have an advantage over trend-following hedge funds. Cargill’s market intelligence and sourcing network enabled traders to anticipate shifts in supply and position accordingly.  

Bron said he supports regulation aimed at market abuse and manipulation but warned against price caps, arguing that excessive intervention could ultimately create shortages rather than stability.  

His comments also underline the Netherlands’ importance as a global cocoa hub. As we have been reporting this week, Amsterdam remains home to major trading, risk management and logistics operations, while Dutch expertise continues to shape price discovery and supply chain management across the sector.

See more below on our special series of Dutch Cocoa Week articles

• Source: Follow The Money interview with Martijn Bron, former Global Head of Cocoa Trading at Cargill.

Ghana and Ivory Coast deepen cocoa alliance as market focus shifts from supply recovery to the 2026/27 season

Pro Intelligence Brief Executive Summary