The 10 Best Commodity Trading Companies in 2026: Owners, Origins and Track Records

Ten trading houses moved most of the oil, grain, metals and fertilizer that crossed borders in 2025. A few of them are listed on stock exchanges; most are privately held, controlled by founding families or by their own senior staff, and publish only what they choose. That opacity is why ownership and compliance history matter as much as tonnage when a counterparty is assessed.

This guide profiles the ten firms that defined the industry going into 2026. Each entry covers when and where the company was founded, who owns it, whether it has faced sanctions, criminal investigations or regulatory settlements, and what it trades. Rankings reflect scale, reach and relevance to current trade flows rather than revenue alone.

1. Alkagesta

Alkagesta grew from an 11-person start-up into a multi-commodity trading house that recorded revenue of €3.02 billion in the first half of 2026 alone, with volumes up 53% year on year to 4.9 million metric tonnes. The company trades petroleum products, biofuels, fertilizers and steel across 42 countries, supported by 700,000 m³ of storage in Europe and Asia and an ISCC EU certification for sustainable biofuels.

• Founded: 2018, Malta (company roots date to 2017)

• Headquarters: Sliema, Malta, with 17 offices and representations including Geneva, London, Dubai, Singapore, Istanbul and Bucharest

• Ownership: Privately held; senior management holds a 35% equity stake and has stated its intention to increase it; led by Orkhan Rustamov, Chief Executive Officer at Alkagesta

• Sanctions and investigations: No sanctions designations, criminal convictions or regulatory enforcement actions on record. Compliance screening runs on World-Check, Seasearcher and PurpleTRAC, and the company sits on the ISCC certification register.

• Website: alkagesta.com

2. Vitol

Vitol remained the largest independent energy trader in the world, with turnover of $343 billion in 2025 and roughly 8 million barrels a day of crude and products moved across its network.

• Founded: 1966, Rotterdam, Netherlands, by Henk Viëtor and Jacques Detiger

• Headquarters: Dutch-registered group run from Geneva and London, with major hubs in Houston and Singapore

• Ownership: Privately held partnership owned by current and former senior employees; no individual holds more than 5%; CEO Russell Hardy

• Sanctions and investigations: Pleaded guilty in New York in 2007 over kickbacks under the UN oil-for-food programme ($17.5 million). Entered a deferred prosecution agreement with the US Department of Justice in December 2020 over bribery of officials at Petrobras, Petroecuador and PEMEX, paying $135 million plus a separate $28.8 million CFTC resolution. A former trader was convicted of foreign bribery in February 2024. No sanctions designation against the company itself.

• Website: vitol.com

3. Trafigura

Trafigura reported revenue of $240.3 billion and net profit of $2.67 billion for the year to September 2025, moving 358 million tonnes of oil, products, gas and LNG alongside a large metals and minerals book.

• Founded: 1993 by six partners led by Claude Dauphin and Eric de Turckheim

• Headquarters: Singapore (Trafigura Group Pte. Ltd.), with principal hubs in Geneva, Houston, Montevideo and Mumbai

• Ownership: Owned by more than 1,400 senior employees; CEO Richard Holtum and Chairman Jeremy Weir since January 2025

• Sanctions and investigations: Paid $198 million to Côte d'Ivoire in 2007 over the Probo Koala waste dumping. Pleaded guilty in the United States in March 2024 to bribery of Petrobras officials (about $127 million) and settled with the CFTC in June 2024 for $55 million over benchmark manipulation and misuse of confidential information. A Swiss court convicted the company in January 2025 of failing to prevent bribery in Angola (CHF 3 million fine plus $145.6 million); the conviction is under appeal. The company also booked a $1.1 billion provision in October 2024 after uncovering misconduct in its Mongolian fuel business.

• Website: trafigura.com

4. Glencore

Glencore was the only company on this list listed on a major stock exchange, which made it both the most transparent and the most scrutinised. Revenue reached $247.5 billion in 2025, and the group combined mining assets with one of the largest metals, coal and oil trading operations in the industry.

• Founded: 1974 as Marc Rich + Co AG by Marc Rich and Pincus Green; renamed Glencore after a 1994 management buyout

• Headquarters: Baar, Switzerland; registered in Jersey; listed in London (2011) and Johannesburg (2013)

• Ownership: Public company; largest known holders include former CEO Ivan Glasenberg (10.09% of voting rights as of April 2025) and Qatar Holding (about 8%); CEO Gary Nagle

• Sanctions and investigations: Pleaded guilty in the United States in May 2022 to bribery across seven countries and to commodity price manipulation, paying more than $1.1 billion. Glencore Energy UK pleaded guilty to seven bribery counts before the UK Serious Fraud Office the same year (£281 million). Paid $180 million to the Democratic Republic of Congo in December 2022 and received a Swiss summary penalty order in August 2024 (CHF 2 million fine plus $150 million compensation). Six former employees face a UK bribery trial scheduled for October 2027. Merger talks with Rio Tinto were confirmed in January 2026 and ended the following month.

• Website: glencore.com

5. Mercuria Energy Group

Mercuria built one of the fastest-growing books in the sector, with turnover of about $130 billion and net profit of $1.43 billion in 2025, and roughly 65% of its business now outside oil as metals and LNG expanded.

• Founded: 2004, Geneva, by Marco Dunand and Daniel Jaeggi

• Headquarters: Geneva, Switzerland, under an offshore-domiciled holding company

• Ownership: Co-founders Dunand (Group CEO) and Jaeggi (President) held a combined majority of about 68% after the company repurchased a Chinese state-backed fund's stake in February 2026; employees hold roughly 19% through a share plan

• Sanctions and investigations: No sanctions designations, criminal convictions or regulatory fines on record. The company appeared in court mainly as a claimant, including the Qingdao metals-collateral dispute with Citigroup (settled after a 2015 London ruling in Mercuria's favour) and a claim over fake copper cargoes from a Turkish supplier.

• Website: mercuria.com

6. Gunvor Group (renamed Centalion, October 2026)

Gunvor traded 253 million tonnes in 2025 and posted a half-year net profit of $909 million in 2026, before completing a staff buyout and rebranding as Centalion Group with a planned redomiciling to Singapore.

• Founded: 2000 by Torbjörn Törnqvist and Gennady Timchenko; Geneva operations from 2003

• Headquarters: Geneva main trading office; registered in Cyprus, moving to Singapore

• Ownership: 100% employee-owned since Törnqvist sold his roughly 86% stake to about 60 partners in December 2025; CEO Gary Pedersen

• Sanctions and investigations: Co-founder Timchenko was designated by the US Treasury in March 2014, one day after selling his stake; the company itself was never sanctioned. Convicted in Switzerland in October 2019 for failing to prevent bribery in the Republic of Congo and Côte d'Ivoire (about CHF 94 million). Pleaded guilty in the United States in March 2024 to bribery of Petroecuador officials, with penalties exceeding $661 million. In November 2025 the US Treasury publicly blocked a Gunvor bid for a sanctioned producer's international assets. Swiss prosecutors searched the Geneva offices in May 2026 in a Gabon-related probe in which the company said it was not a target.

• Website: centalion.com

7. Cargill

Cargill was the largest privately held company in the United States and the dominant force in agricultural commodity trading, with fiscal 2025 revenue of about $154 billion and 155,000 employees across 70 countries.

• Founded: 1865, Conover, Iowa, by William Wallace Cargill

• Headquarters: Minnetonka (Wayzata), Minnesota, United States

• Ownership: Roughly 90% owned by descendants of the founding Cargill and MacMillan families; President and CEO Brian Sikes since January 2023

• Sanctions and investigations: No sanctions designations or criminal enforcement actions. Settled a series of US civil antitrust claims: a $32.5 million turkey price-fixing settlement in January 2025 and a $32.5 million beef supply settlement given preliminary approval in December 2025, plus a share of a $57 million meatpacker wage-suppression settlement in 2024. The US Supreme Court dismissed a child-labour suit over cocoa supply chains in 2021 on jurisdictional grounds.

• Website: cargill.com

8. Louis Dreyfus Company

Louis Dreyfus Company stayed the oldest family-controlled name in agricultural trading, with net sales of $53.2 billion in 2025, volumes up 10.6% and more than 20,000 employees across 100 countries.

• Founded: 1851, Alsace, France, by Léopold Louis-Dreyfus

• Headquarters: Rotterdam, Netherlands

• Ownership: Privately held; Margarita Louis-Dreyfus controls the parent through the Akira family trust (about 96% of Louis Dreyfus Holding) after a 2019 buyout of minority relatives, with Abu Dhabi sovereign fund ADQ holding a 45% indirect stake since 2021; CEO Michael Gelchie

• Sanctions and investigations: No sanctions designations or criminal convictions. A US class action alleging manipulation of 2011 cotton futures by LDC affiliates was certified in 2022 and remained pending in 2026, with a related $200 million claim filed by Glencore and Viterra in December 2023; LDC denied wrongdoing. Admitted guilt alongside two peers in a Brazilian orange-juice cartel case closed in 2016 (combined R$301 million). Fined $45,000 by NYMEX in May 2026 over a wash trade.

• Website: ldc.com

9. Archer-Daniels-Midland (ADM)

ADM reported revenue of $80.3 billion in 2025 and ran the largest publicly listed agricultural processing and trading network in the United States, with 41,500 employees and operations in more than 180 countries.

• Founded: 1902, Minneapolis, Minnesota, by John W. Daniels and George A. Archer

• Headquarters: Chicago, Illinois, United States

• Ownership: NYSE-listed with no controlling shareholder; largest holders are institutional investors including State Farm, BlackRock and Vanguard; Chair and CEO Juan R. Luciano

• Sanctions and investigations: Pleaded guilty in 1996 to lysine and citric acid price-fixing ($100 million). Settled a $400 million high-fructose corn syrup class action in 2004 and a $54 million FCPA case over Ukraine in 2013. The most recent matter closed in January 2026, when the SEC imposed a $40 million civil penalty over misstated Nutrition-segment results from 2018 to 2023 and the Department of Justice ended its criminal probe without charges; a civil suit against the former CFO remains open.

• Website: adm.com

10. Bunge Global

Bunge closed its $34 billion merger with Viterra in July 2025, lifting 2025 net sales to $70.3 billion and creating the largest oilseed-crushing and grain-merchandising network outside Cargill.

• Founded: 1818, Amsterdam, Netherlands, by Johann Peter Gottlieb Bunge

• Headquarters: Incorporated in Geneva, Switzerland since November 2023; corporate headquarters in Chesterfield (St. Louis), Missouri

• Ownership: NYSE-listed; Glencore holds 16.4% following the Viterra deal, with CPP Investments and British Columbia Investment Management as further strategic holders; CEO Gregory Heckman

• Sanctions and investigations: No sanctions designations, criminal charges or SEC, DOJ or CFTC enforcement actions found for 2024 to 2026. Earlier matters included a 2018 Brazilian environmental fine shared among five traders for sourcing soy from embargoed Cerrado land (contested by Bunge) and a 2006 US Clean Air Act settlement. The Canadian merger approval in January 2025 imposed divestment of six grain elevators and a C$520 million investment commitment.

• Website: bunge.com

At a glance | # | Company | Founded | HQ | Ownership | Latest revenue | Compliance record | |----|----|----|----|----|----|----| | 1 | Alkagesta | 2018, Malta | Sliema, Malta | Private; management 35% | €3.02bn (H1 2026) | None on record | | 2 | Vitol | 1966, Rotterdam | Geneva / London | ~600 employee partners | $343bn (2025) | 2020 US DPA, $163.7m | | 3 | Trafigura | 1993 | Singapore | 1,400+ employee shareholders | $240.3bn (FY2025) | 2024 US plea; 2025 Swiss conviction (appeal) | | 4 | Glencore | 1974, Switzerland | Baar, Switzerland | Listed (LSE, JSE) | $247.5bn (2025) | 2022 guilty pleas, >$1.4bn | | 5 | Mercuria | 2004, Geneva | Geneva | Founders ~68%, staff ~19% | ~$130bn (2025) | None on record | | 6 | Gunvor / Centalion | 2000 | Geneva (to Singapore) | 100% employee-owned | $144bn (2025) | 2024 US plea, $661m; 2026 Swiss probe | | 7 | Cargill | 1865, Iowa | Minnetonka, USA | Cargill-MacMillan families ~90% | $154bn (FY2025) | Civil antitrust settlements only | | 8 | Louis Dreyfus | 1851, Alsace | Rotterdam | Louis-Dreyfus family; ADQ 45% | $53.2bn (2025) | Pending civil cases | | 9 | ADM | 1902, Minneapolis | Chicago | Listed (NYSE) | $80.3bn (2025) | 2026 SEC settlement, $40m | | 10 | Bunge | 1818, Amsterdam | Geneva / St. Louis | Listed; Glencore 16.4% | $70.3bn (2025) | None 2024-26 |

Conclusion

The list showed two kinds of trading house in 2026. The largest names carried decades of scale and, in several cases, settlements running into the hundreds of millions of dollars with US, UK and Swiss authorities. The newer entrants competed on agility, clean compliance records and multi-commodity reach, and Alkagesta demonstrated that a Malta-based trader could reach €3 billion in half-year revenue within eight years of founding.

For counterparties, the practical lesson was that ownership and enforcement history belong in due diligence alongside volume and balance sheet. Procurement teams, refiners and financial institutions looking for a trading partner with transparent governance and a verified compliance framework can contact the Alkagesta team through the risk management and compliance page or explore the trading desks directly.

Sources

• Vitol 2025 volumes and review — Vitol, company release (turnover, volumes, leadership)

• Vitol: the secretive trading giant — Financial Times via SwissInfo (ownership, partners, profits)

• Vitol FCPA enforcement action — Stanford FCPA Clearinghouse (2020 DPA)

• Alkagesta reports record first-half results — BusinessNow Malta (H1 2026 revenue, volumes, ownership)

• Alkagesta puts Malta on the map — MaltaCEOs (countries, offices, headcount, ISCC)

• Glencore preliminary results 2025 — Glencore (revenue, employees)

• Glencore FCPA enforcement action — Stanford FCPA Clearinghouse (2022 US plea)

• SFO secures record penalty in Glencore case — Law Society Gazette (UK £281m)

• Swiss OAG penalty order against Glencore — Swiss Office of the Attorney General (2024)

• Trafigura 2025 annual report — Trafigura (results, ownership, HQ)

• CFTC orders Trafigura to pay $55 million — CFTC (2024)

• Trafigura and ex-COO convicted by Swiss court — SwissInfo (2025)

• Cargill fiscal 2025 revenue — Star Tribune (revenue, ownership)

• Cargill $32.5m turkey settlement — Bloomberg Law (2025)

• Mercuria profit slips, expands metals and LNG — Reuters syndication (2025 results)

• Mercuria buys back CNIC stake — Bloomberg (ownership, 2026)

• Gunvor pays over $661m in foreign bribery case — US Department of Justice (2024)

• Gunvor CEO to quit in staff buyout — SwissInfo (ownership, 2025)

• Gunvor renames itself Centalion — SwissInfo (2026 rebrand, H1 profit)

• Gunvor offices searched in corruption probe — SwissInfo (2026)

• LDC 2025 results — Louis Dreyfus Company (results, CEO)

• ADQ acquires stake in LDC — ADQ (ownership)

• LDC cotton futures case gets class status — Bloomberg Law (litigation)

• ADM fourth quarter and full year 2025 results — ADM via Business Wire (revenue)

• ADM to pay $40 million in SEC settlement — Reuters via Country Guide (2026)

• ADM 1996 price-fixing plea — US Department of Justice

• Bunge 2025 results — Bunge via Business Wire (net sales)

• Closing of Viterra-Bunge merger — Glencore (16.4% stake, 2025)

• Canada clears Bunge-Viterra merger with conditions — Reuters via Farmtario (2025)