In this episode of the StrongSource Commodity Podcast, we were thrilled to welcome Kristine Hochbaum, a seasoned commodity trader whose 19-year career at Cargill has left an indelible mark on the industry. As the former Global Trading & Risk Management Director for the oils and fats business, Kristine has been a trailblazer, driving significant changes in trading practices and advocating for female representation in a traditionally male-dominated field.
Kristine, can you start by telling us about your background and how you ended up in commodity trading?
Of course! I was born and raised in a small town in Northern Minnesota and originally went to college to become a math teacher. Growing up, I was always good at math and sciences, which traditionally weren’t areas where many females excelled. I chose to become a math teacher to influence other young girls to be strong in mathematics. However, during college, I took some accounting and finance classes for fun—something most people find boring! To my surprise, I fell in love with the business world.
After college, I had my first internship with Cargill as a junior credit analyst. That role placed me right in the center of the trading floor, surrounded by all men and seasoned traders. They would constantly ask me to extend their credit lines, and I loved that energetic and competitive environment. After my internship, I accepted a full-time position as an accountant but quickly realized I wanted to be back on the trading floor, so I expressed my desire to become a trader.
It sounds like a significant transition. What steps did you take to make that happen?
After a year of persistence and learning everything I could about trading, I secured one of the entry-level positions on our real-time energy trading desk. I had to explain to my parents what real-time trading entailed, as it meant working nights, weekends, and holidays. Over the next ten years, I honed my skills in energy trading, even as I began to start a family. Each time I returned from maternity leave, I found myself in a bigger role, which is not a common scenario for women.
About ten years into my career, I took a year-long position acquiring physical books from investment banks for Cargill in the energy space. Although it was outside trading, it helped showcase my ability to be more than just a trader. From there, I transitioned back into trading and became the North America trading lead for corn milling. Eventually, I moved into the oils business and became the global trading director for Cargill’s oils and fats division.
That’s an impressive career! You also focused on increasing female representation in trading teams. Why is that so important to you?
I believe diversity is crucial because it enhances decision-making and drives better results in trading. During my time at Cargill, I increased the female representation in my trading teams from 22% to 38%. It’s not just about hitting a number; it’s about creating opportunities for women and ensuring they feel valued and supported in their roles.
What challenges have you faced in promoting diversity, and what advice would you give to women looking to enter this field?
One major challenge has been addressing unconscious biases that still exist in the industry. Sometimes, female traders are labeled as aggressive or argumentative for traits that are valued in male counterparts. There’s often a disconnect between what makes a good trader and how women are perceived. My advice to women considering a career in trading is to embrace the challenges. It’s a dynamic field that requires competitive spirit and the ability to learn and adapt.
Seek out mentors, be persistent, and don’t hesitate to challenge the status quo. The trading world needs more diverse voices, and it’s essential for women to recognize their worth and contributions.
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What is the Strong Source Podcast?
Our mission with the Strong Source podcast is to educate and inform, by creating a community where experts and guests from the entire commodity industry can share their unique perspectives. Martijn Bron, ex-cacao trader, and Alexander Sterk, ex-dairy trader and founder of Vesper, have a deep-passion for this industry, which inspired them to start this venture: “We’ll be sharing our personal experiences, the valuable lessons we’ve learned along the way, and give you a glimpse of what to expect in our future episodes.” This podcast is powered by Vesper, the leading commodity platform (www.vespertool.com).
