Breakdown: agri products & biofuel blending
Sugar, milk powder, and value from specification.
Agricultural and refined-product trades often turn on specification and form. The margin can come from sourcing a cheaper origin, from meeting a buyer's exact spec, or from blending two qualities into a product worth more than the sum of its inputs.
Sugar
Sugar is graded by ICUMSA number (lower = whiter/more refined): ICUMSA 45 is refined white; 600–1200 is raw. It trades bagged or in bulk, FOB or CIF, with origins like Brazil dominating. The operator manages bagging or bulk loading, moisture and contamination, and a tight document set (including phytosanitary and quality certificates) so the cargo clears and the LC pays.
Milk powder
Skimmed (SMP) and whole milk powder (WMP) trade to strict protein/fat/moisture specs, often into frontier markets where demand is growing. Sourcing reliability, spec compliance and counterparty vetting drive the deal more than headline price.