This paper proposes two interrelated arguments: first, it is argued that agro-commodity traders are uniquely placed at the crossroads of agricultural trade to benefit from agricultural commodity speculation; and second, that the networks constituting their operations are central to their hedging activities. The case of Cargill-the largest privately owned company in the United States and one of the largest agricultural traders in the world-is used to support this argument by unpacking its operations, structure, and hedging strategies. In order to connect the operations of Cargill to its speculating strategies, this paper first traces how agriculture and finance have become increasingly intertwined leading to heightened agricultural commodity speculation. Second, Cargill will be positioned within this process by analyzing how it has financialized its own strategies and its Corporate Platform. Third, Black River Asset Management, Cargill's private equity arm, will be analyzed to show how it uses the information moving through Cargill's Platform to engage in hedging and/or speculation.

What capacity do smallholders have to influence key decisions in large-scale land deals to their own advantage, in particular in their own localities? Though the cards are stacked against them, micro processes on the ground show great variations. We put the magnifying glass on local power dynamics to explore both opportunities and constraints to the bargaining power of smallholders as they resist land deals or struggle for (better terms of) inclusion. We propose a relational perspective, in the sense that we focus on the social relations through which smallholders may 'produce' power, access power resources and profit from leverage vis-à-vis investorsconstrained by wider power configurations. Drawing on our research in Indonesia and the Philippines augmented with other case studies on Southeast Asia, we highlight (1) relations of interdependency with investors; (2) 'horizontal' relations of shared interests and identity; (3) tactical relations with state officials; (4) relations with specialists in violence; and (5) relations with supra-local civil society groups. Explorative in nature, this contribution suggests an analytical lens to study sources of smallholder bargaining power and vulnerability in large-scale land deals.

This paper has two objectives. First, it aims to analyse how transnational agricultural traders are positioning themselves in, and capitalising on, the financialisation of agriculture. Second, it seeks to position land investments in this process. This is done by situating Cargillone of the largest agricultural trading companies in the world -into the transformation of agriculture in the world economy and by assessing its strategies of adaption through private equity-driven land investment in the Philippines. The article notes, following Burch and Lawrence, that the transforming position of agriculture is created by reshaping relationships in the agri-food supply chain and is based on the logic of finance capital. An example of this process from the Philippines is provided, where Cargill's private equity arm -Black River Asset Management-is investing in land through equity acquisitions of a Philippine company, Agrinurture, in a manner that allows the company to adapt to national and local dynamics. The evolving and deepening connection between finance and agriculture is presented first, followed by a discussion of how Cargill fits into this transition in the Philippine context.

Oil palm production, consumption, and the trade of its multiple commodities have expanded exponentially in recent decades. This paper argues that this expansion will continue due to, and along with it, the rise of 'flexing' among its increasing multiple uses, especially for more industrial and energy purposes. Oil palm has been extensively analysed in the context of land grabs and agrarian change, land conversion and deforestation. However, its nature as a flex-crop remains unexplored, especially with respects to the convergence of global food, fuel and environmental crises. This paper provides a preliminary discussion of how oil palm fits in the flex crop framework to analyse its enabling material and ideational bases, as well as who informs, decides, and controls the nature of flexing. This is done through an analysis of the different roles played by state, corporate (private) and social actors in the flexing of oil palm across the globe. We conclude by drawing some implications for further research.

Smallholder bargaining power in large-scale land deals: a relational perspective Rutten, R.; Bakker, L.; Alano, M.L.; Salerno, T.; Savitri, L.A.; Shohibuddin, M.