Dairy Trader
Our client, an established US bank with a growing commodities franchise, is hiring a Dairy Trader to join its Houston desk. This is a front-office trading role with responsibility for risk-taking and performance within a regulated environment. The desk is open to candidates from either a physical dairy trading background or a derivatives/paper trading background, with the expectation that the successful hire will develop into a hybrid trader over time across both market structures.
Key Responsibilities
Trading & Risk Management
- Trade dairy commodities and related instruments across physical markets and listed/OTC derivatives.
- Manage an allocated risk book within approved limits, demonstrating disciplined risk-taking and strong P&L ownership.
- Develop and execute hedging strategies using futures, options, and OTC structures to manage exposure and optimize risk-adjusted returns.
- Monitor and manage key exposures including market, basis, liquidity, and counterparty risk, escalating issues in line with governance.
Market & Strategy
- Analyze global dairy supply/demand fundamentals and translate market views into actionable trading ideas.
- Track relevant benchmarks and liquidity venues and incorporate curve/volatility dynamics into trading and hedging decisions.
- Identify opportunities across outrights, spreads, basis, relative value, and structured strategies consistent with desk mandate.
Hybrid Development (Physical ↔ Derivatives)
- Candidates hired from a physical background will be expected to deepen derivatives capability (futures/options/structured hedging).
- Candidates hired from a derivatives background will be expected to build fluency in physical market mechanics (flow drivers, contract economics, execution constraints).
- Collaborate closely with senior traders and partner teams to broaden remit responsibly over time.
Controls & Stakeholder Interaction
- Operate effectively within a bank control environment, maintaining strong standards for trade capture, documentation, and audit readiness.
- Partner with Risk, Compliance, Legal, Operations, and Product Control to ensure activity aligns with internal policy and regulatory expectations.
- Support onboarding and maintenance of institutional trading relationships/documentation (e.g., ISDA and related processes) as applicable.
Qualifications
Required
- Demonstrated experience in dairy and/or closely related agricultural commodities, in either physical trading or derivatives trading (or a combination).
- Strong risk discipline with the ability to articulate trade rationale, downside risk, and exit strategy.
- Genuine willingness and capability to transition into hybrid physical + derivatives coverage over time.
- Strong analytical skills (curves, spreads, volatility/scenario thinking) and sound commercial judgement.
- Ability to work effectively in a regulated environment with active engagement from control partners
Preferred
- Experience working with OTC markets/structures and institutional documentation standards.
- Track record collaborating with physical teams to design and execute hedging programs.
Education
- Bachelor's degree in Finance, Economics, Engineering, Mathematics, Agriculture, or related discipline (advanced degree/certifications a plus).
Location
Houston, TX
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