Case Study: James Alexander Commodities

A trading business built across currencies

James Alexander Commodities (JAC) was founded in August 2024 by Fraser Young and Harry Wardle, both with corporate trading backgrounds. Following a year of preparation and raising private capital, they launched the business, trading meat and other proteins across species and geographies.

JAC has expanded across beef, lamb, pork, poultry and seafood. Around 70% of its volume is sourced from Australia, with the remaining 30% coming from South America, Europe and North America.

The business trades across roughly 15 markets, with a core focus on Southeast Asia and North America. It is also expanding into North Asia and maintaining smaller positions across the Middle East and Africa.

Managing currency exposure between purchase and payment

At the heart of JAC’s model is a structural currency exposure. The business buys in AUD but sells primarily in USD, with some EUR, often with weeks or months between purchase and payment.

For the first six months of trading, JAC had no FX cover in place. Early attempts to hedge through its bank proved costly, with expensive forward cover.

JAC floated its currency exposure, running two-to-three-week back-to-back trades to manage risk while it built up a P&L history to prove the business worked.

It was a workable stopgap, but a risky one for a new entrant in a capital-intensive industry. Access to meaningful credit was also difficult for a business with limited operating history.

Forward credit that grew alongside the business

About six months into JAC’s operation, Corpay got in touch.

The relationship started small. JAC began using forward exchange contracts supported by a forward credit line, which it repaid ahead of schedule.

In JAC’s case, the credit line expanded over time, following cycles of usage and repayment. Credit access grew alongside the business, supporting its growth as its trading activity expanded.

Regular market information and responsive support

Alongside the credit, the relationship became genuinely high-frequency. Fraser and Harry speak with their Corpay relationship manager every 48 to 72 hours.

Corpay also supplies regular market information and briefings that help inform JAC’s forward-cover decisions.

When currency volatility creates an opportunity, JAC can move quickly with Corpay’s support. The company has been able to secure additional cover within hours.

Backup coverage across Australian time zones also gives JAC access to experts on the east and west coasts when it needs to discuss market movements and forward cover.

Supporting competitive pricing in a margin-sensitive business

At the time of the case study, JAC’s locked-in forward positions gave it a competitive advantage when quoting new deals to customers.

For a margin-sensitive trading business, this was a direct commercial benefit.

The relationship combined growing credit access with regular market information and responsive support, helping JAC make forward-cover decisions as its business developed.

Extending support across export and import operations

As JAC expanded into importing, including pork from the Netherlands into the Australian market, Corpay’s support extended to cover the reverse currency flow: buying in USD and converting back to AUD for domestic customers.

What began as support for a new business has developed alongside JAC’s trading activity, with credit access and market support extending into new business lines.

Learn more about Corpay Cross-Border’s currency risk management solutions.

Read the case study to see how James Alexander Commodities uses forward exchange contracts, flexible credit and market support across its growing trading business.

Cross-Border

Risk management