Fryer's Trading Academy
Let world-class agricultural market experts teach your junior traders the fundamentals
—so they contribute sooner.
Core Trading Foundations
Developed by Black Silo Commodity Consulting to mark 25 years of the Fryers Reports, this course provides a clear, practical starting framework for grain trading. It helps new entrants build the right foundations.
See Curriculum
The Problem
New traders are not familiar with basic terminology of the industry.
There is no such course that teaches agricultural basics, cash trading and hedging in a global context for new entrants.
New recruits take up to one year to start to contribute, while experienced traders spend a lot of time training them.
The Solution
This course teaches the fundamentals of agricultural physical trading that every junior trader needs, regardless of background.
Designed to be completed alongside fulltime work, typically over six months.
It is self-paced, fully remote and globally accessible.
Progress is validated through mandatory tests, practical exercises, and certification upon completion.
Our promise is to reduce the time it takes for a junior hire to start contributing by 6 months.
This doesn't replace experience — it accelerates it.
This doesn't replace experience — it accelerates it.
Learn from Experts who have lived the market
The Fryers Trading Academy is taught by professionals who have worked across the full agricultural value chain — from production to trading, analysis, and risk management.
Dr. Rory Deverell
Founder CEO, Expert Report Writer
• PhD research on biofuels, farm economies, and land use
• 12 years as a futures and options broker and risk management consultant at StoneX
• 2 years of physical trading experience with R&H Hall
• 3 years writing the Fryers Reports and building Black Silo
• Lived and worked on the family farm growing crops and developing risk management plans
• 15+ Years of Experience in total
Noel Fryer
Senior Advisor
• 5 years as a trader at Cook Industries and Louis Dreyfus, covering physical grains, futures, and premiums
• Founder of the Research Department in Paris at Louis Dreyfus
• 5 years as Head of the European trading desk at Louis Dreyfus
• President of the first committee to design a French futures market
• Creator of an international trading arm for Champagne Céréales
• Founder and original author of the Fryers Reports
• 50+ Years of Experience in total
Curriculum Overview
4 Comprehensive Modules | 50 Videos | +23 hours of Content
Each module builds on the previous one. Progression is structured and intentional.
Each module builds on the previous one. Progression is structured and intentional.
Fundamentals
01
Introduction to Agriculture
Lesson 01
15 min
How Crops Are Grown
Lesson 02
10 min
Overview of Wheat
Lesson 03
40 min
Analysis
02
Intro to Analysis in Agricultural Commodity Trading
Lesson 01
20 min
Types of Agricultural Commodity Data
Lesson 02
45 min
The Fryers Report
Lesson 03
20 min
Cash Trading
03
Introduction to Cash Trading
Lesson 01
5 min
Transformation in Agricultural Markets
Lesson 02
30 min
The Structure of a Trading Company
Lesson 03
30 min
Futures, Options & Hedging
04
Introduction to Risk Management
Lesson 01
20 min
The Basics of Futures
Lesson 02
1 hr 15 min
Volume, Open Interest & Liquidity
Lesson 03
30 min
What Else is Included?
Weekly Meetings
All students can ask their questions from Dr. Rory Deverell, to clarify course concepts directly.
Rigorous Testing
An exam at the end of each module 70% passing score required to progress.
Certificate
Participants who complete the course will be awarded a certificate of completion at our
annual Graduation Dinner prior to the ECE.
annual Graduation Dinner prior to the ECE.
Alumni Group
Students who complete the course can join our alumni group and get a headstart on global networking
Outcomes for Trading Teams
After completing this course, junior traders will:
Understand how crops move from farm to end-user
Know how physical contracts are structured and executed
Become productive contributors earlier in their career
Understand basis and the link between cash and futures
Read and interpret cash market prices with confidence
Communicate effectively with senior traders, brokers and operators
FAQs
Who is this course for?
This course is designed for junior traders, analysts, and commercial professionals entering agricultural commodity markets, as well as firms looking to accelerate onboarding and reduce training time.
Does this replace mentoring or shadowing?
No. The course complements mentoring and shadowing by providing structured foundational knowledge, allowing mentoring time to focus on higher-value practical application.
Will this make junior traders fully autonomous?
It provides a strong analytical and market foundation. However, autonomy depends on individual progression, firm structure, and continued real-world exposure.
How much time does this save?
By systematizing foundational learning, the course can significantly reduce onboarding time and minimize repetitive explanations from senior team members.
How do you ensure juniors actually learn the material?
Through structured modules, applied examples, and knowledge checks that reinforce core market concepts and analytical thinking.
Is this generic or firm-specific?
The framework is built on real market practice. It can be applied broadly, but can also be aligned with firm-specific processes if required.
Is there live interaction?
Depending on the format, live sessions or Q&A components may be included to reinforce key concepts and address participant questions.
Is there a networking component?
Yes, where applicable, participants may have opportunities to connect with peers and industry professionals to build relevant market relationships.
