In this episode, we sit down with Denis Zaica, Chief Trading Officer at FincoEnergies, to unpack what it takes to trade successfully across commodity classes — from cocoa to biofuels to fossil energy. We explore what the current geopolitical climate means for energy markets, and how these shifts ripple directly into agri-commodities. Below are five key takeaways from the conversation.

1. How are fossil energy prices affecting feedstock markets

“You immediately have dislocations… I had a sort of a balanced situation, and now suddenly one component brings havoc into the whole S&D. Very quickly you need to see where the optimization is. As energy prices spike, biodiesel becomes more profitable, and that immediately affects vegetable oil feedstocks like palm and soy. So yes, agri becomes part of the energy system.”


2. What role does sustainability and compliance play in biofuels?

“Energy is really at the heart of it, but it’s also at the heart of the energy transition. For me, I’ve always been excited about the sustainability topic. I think it’s very relevant. I do think climate change is a critical challenge we have as civilizations to face, and energy transition, specifically biofuels, is something that brings the tangible. I really feel like I’m part of a very strategic core of what makes the world move, and of this fast-evolving, super hot, and super critical transition period.”


3. How do traders judge performance when it’s not just about P&L?

“You want to see what is the extra return I generate versus what market conditions offered me. That’s what you really want to measure. But once you trade around physical systems, blending margins, logistics, it becomes difficult to parse out. Is this proprietary? System optimization? A risk-managed position? It’s all intertwined.”


4. What’s it like to switch commodities mid-career?

“It’s great to feel empowered in your domain, but I felt like I was missing a different perspective… Energy is at the heart of everything, not just geopolitically, but also in the climate transition. I wanted to experience that different market behavior and see how my trading skills could apply in a new domain.”

5. What advice does Denis have for future traders?

“Be certain what drives you to enter this industry. If it’s just glamour or what you saw in a movie, it’s not going to last. But if you love the rhythm, the complexity, the challenge, then lean into that. Recognize and admire the moments of stress. That’s where the learning happens.”



Want to hear more?

Denis Zaica dives deeper into how traders respond to geopolitical shocks like Iran–Israel, how biofuel premiums evolve in volatile markets, and why feedstocks like soy and palm are no longer just agri inputs — they’re energy assets. He also shares insights on trader performance, risk, and the mindset needed to thrive across commodity classes.

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What is the Strong Source Podcast?

The Strong Source podcast was created to educate and connect the global commodity industry. Each episode brings you real-world insights from market professionals navigating pricing, logistics, regulation, and risk.

Your hosts, Martijn Bron (ex-cocoa trader) and Alexander Sterk (ex-dairy trader & Vesper founder), bring decades of experience and a deep passion for helping procurement and trading professionals stay ahead of the curve.