Some advice for anyone considering acquisition in the farm sector – don't wait too long.

That's not a comment on the likelihood of a rising stock market boosting price tags. Indeed, many analysts believe shares' current sideways phase heralds a fall.

Nor does it reflect a conviction that a spike in crop prices will do the trick. Today's National Australia Bank crop report isn't the only one to suggest that grain prices may be in for a slide.

What it is down to is the prospect of Moneybags hitting the mall.

Capital idea

Glencore, the world's biggest commodities trader, is said to be considering a stock market flotation to improve its access to capital.

It has a history of deals, although it has been a while since it undertook a really significant takeover.

Getting its hands on easier money would allow it to get back on the acquisition trail with a vengeance.

Potential targets

Of course, even assuming the float does go ahead - and that is in doubt - it's difficult to assess where Glencore would target investment, given the lack of public information on the company's financial workings.

To judge from history, mining would swallow the lion's share of its largesse.

But agriculture could be in with a shout. Glencore got into the sector through a Dutch grain marketing acquisition in 1982.

And it's easy to see why the company might be tempted into more farm deals, when it is missing out on many potentially lucrative opportunities.

Behind the curve?

In China, for instance, it is leaving the likes of Wilmar to take charge. In Australia, it is allowing others to take the lead consolidating grain handlers.

Cargill has snatched an 8% share of this market, with Canada's Viterra diving in headfirst by buying up ABB Grain. That trumps by a margin Glencore's acquisition of a small stake in GrainCorp.

Indeed, Viterra's boss, Mayo Schmidt, has seen a future for grain traders – get big and get global – even if this may have led him to overpay for ABB.

It will be temping for for Glencore to sit tight, avoid close scrutiny of its workings for a little longer and wait to see what market conditions bring. 

But if Glencore is going to keep up with the Schmidts, easier access to capital may be exactly what it needs.