{"podcast":{"title":"The Derivative","slug":"the-derivative-1211538","podcast_index_feed_id":1211538,"rss_url":"https://anchor.fm/s/11908b3c/podcast/rss","website_url":"https://www.rcmalternatives.com/the-derivative-podcast-2/","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/2846855/2846855-1620915954456-19c2307e4d322.jpg","author":"RCM Alternatives","episode_count":233,"summary":"Welcome to The Derivative by RCM Alternatives, where we dive into what makes alternative investments go, analyze the strategies of unique hedge fund managers, and chat with interesting guests from across the investment world. Hosted by RCM Managing Partner, Jeff Malec, join us to take a ride through the world of alternative investments.","last_synced_at":"2026-07-10T08:18:50.968173+00:00","page_url":"https://stenobird.com/podcast/the-derivative-1211538"},"episode":{"title":"Carry, Calendar Spreads, and Climate: Bruce Sinclair on the Future of Grain Markets","slug":"carry-calendar-spreads-and-climate-bruce-sinclair-on-the-future-of-grain-markets","published_at":"2026-02-26T17:38:34+00:00","page_url":"https://stenobird.com/podcast/the-derivative-1211538/carry-calendar-spreads-and-climate-bruce-sinclair-on-the-future-of-grain-markets","show_page_url":"https://stenobird.com/podcast/the-derivative-1211538","url":"https://podcasters.spotify.com/pod/show/rcm-alts-the-derivative/episodes/Carry--Calendar-Spreads--and-Climate-Bruce-Sinclair-on-the-Future-of-Grain-Markets-e3flg9r","audio_url":"https://anchor.fm/s/11908b3c/podcast/play/116096763/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-1-26%2F418891421-44100-2-f4fb4a3f74c3c.m4a","summary":"In this episode of The Derivative, host Jeff Malec talks with South African grain spread trader Bruce Sinclair ( Brent Trading ) about how he went from a farming background to running a spread-focused commodities program trading Chicago grains from a remote game farm in South Africa. Bruce explains, in plain language, how carry and calendar spreads work, why he believes spreads offer a more manageable risk profile than outright futures, and how he enforces a hard 10% annual drawdown limit for investors. They dig into the realities of global grain markets with Brazil, Argentina, China, and geopolitics in the mix, why commodities aren’t the clean inflation hedge many think they are, and how climate and structural changes are reshaping seasonality. Bruce also shares stories from his off-grid life breeding rhinos and rare game, navigating South African politics and crime, and why he thinks 2026 could bring much more volatility to grain markets than 2025… SEND IT! Chapters: 00:00-00:01:01= Intro 01:02-12:34 = From South African Farms to Grain Spreads: How Bruce Built His Ag Trading Edge 12:35-24:22 = Carry Trades, Calendar Spreads, and Risk Rules: Inside Bruce’s Grain Strategy 24:23-33:15 = Commodities, Inflation Myths, and the Soybean–Oil–Meal Puzzle 33:16-46:03 = Politics, Perception, and Life Off-Grid: Running a Trading Firm from Rural South Africa 46:04-54:53 = Weather, Brazil, and the Limits of Data: Why Bruce Still Trusts Spreads Follow along with Bruce on LinkedIn and be sure to check out Brent Trading's website: brent.za.net ! Don't forget to subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ , follow us on Twitter at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠…","meta_description":"In this episode of The Derivative, host Jeff Malec talks with South African grain spread trader Bruce Sinclair ( Brent Trading ) about how he went from a…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3296,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-derivative-1211538/episodes/carry-calendar-spreads-and-climate-bruce-sinclair-on-the-future-of-grain-markets/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-derivative-1211538/carry-calendar-spreads-and-climate-bruce-sinclair-on-the-future-of-grain-markets.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}