The early grain trade firms were active in both surplus-producing and food deficit regions, and these firms made it their business to know the state of supply and demand in both. Because this information was the key to their ___________, these firms worked in relative secrecy, frequently built on family ties, trust, and loyalty. In addition, these firms were able to benefit from the rise of commodity exchanges and commodities futures markets that emerged in the mid-1800s. Agricultural markets are naturally unstable, due to changes in harvest size that result from variable weather patterns and other factors. Locking-in prices by buying and selling grain for future delivery helped these firms to minimize such risks. It made sense for the grain trading companies to manage their risks within a single firm that was operating in more than one country, rather than operating as independent national companies trading with each other. Their access to information in multiple markets enabled them to easily cover the risks associated with agricultural commodity trade.
* deficit: 부족