Thomas Elder Markets is co-managed by Andrew Whitelaw and Matt Dalgleish. Both experienced commodity market analysts, Andrew and Matt have built a reputation for providing timely, relevant and concise data driven insights.

As a team, they have contributed to improving the profitability of a large number of enterprises.

Andrew Whitelaw

Andrew Whitelaw started his career in the United Kingdom, working in the animal feed and biofuels sector before relocating to Australia.

Since 2010, Andrew has worked in the Australian grain industry in a number of different roles, most recently as an independent analyst.

In his spare time, Andrew is in a partnership in a commercial piggery. He runs a podcast on agriculture called AgWatchers as a hobby with fellow TEM co-lead Matt Dalgleish.

Andrew gained an undergraduate degree in Business IT, majoring in e-Business from the University of Western Scotland. Also, during his time in Australia, he has earned a masters degree in Agribusiness from the University of Queensland. At present, Andrew is researching for a PhD with the University of Melbourne, under the Agricultural Economics faculty.

Matt Dalgleish

A graduate of Economics and Education Matt has had a keen interest in markets of all sorts from an early age. Starting out trading equities in the late 1980s, while still in high school, Matt moved across to trading currencies at a major Australian bank once university was completed. 

After more than a decade working in foreign exchange markets in Melbourne and London Matt spent time teaching VCE Economics and Special Needs Education. The lure of markets had Matt back working in real estate when he and his family moved from suburban Melbourne to a hobby farm on the outskirts of Ballarat. 

Making the transition into agricultural market analysis was an exciting opportunity, enabling Matt to use his data analysis and forecasting skills to provide commentary and strategic advice to the agricultural industry, particularly within the livestock sector. Matt has become a prominent agricultural market analyst, often quoted in the agricultural press and sought after for his independent, data driven assessment of agricultural markets.  

In his spare time Matt can be found at the commercial pig farm he co-owns on the outskirts of Bendigo, searching for the vegetables in his weed patch or getting started on another batch of home brew. 

Andrey Sizov

Andrey Sizov is the Managing Director of SovEcon, a leading firm focused on the Black Sea agricultural markets research. For 27 years SovEcon have been forecasting crops and exports, assesing stocks and consumption and looking at other key price drivers. Every day SovEcon talk to farmers, traders and officials gathering market intelligence and sorting out the market noise.

Andrey kindly allows Thomas Elder Markets to publish ad-hoc articles on agreement. If you want to know more about key Black Sea events affecting the world market, whether its geopolitics, weather anomalies or state interventions subscribe to The Sizov Report

Gaurav Jain

After leading research desks in both the physical and derivative Agricultural Commodities market for over 13 years, Gaurav Jain decided to start his own venture AgPulse Analytica in 2020. Through AgPulse, he is focused to provide a global perspective to the fragmented but fast-growing Pulses market. At present, coverage includes kabuli and desi varieties of chickpeas, lentils, and field peas.

Being born into the fifth generation of an agriculture trading family, he grew up in the fertile lands of the Doab region of North India. He holds an MBA degree majoring in finance and FRM certification from GARP. His work made him travel in the fields across continents, which helped him develop a deeper understanding of business.

Being a voracious reader of human behavior, history, and money, ‘Ascent of Money’ and ‘Freakonomics’ are his favorite books. In his leisure, he enjoys art be it movies, theatre, a gallery, or a museum.

Gaurav will be publishing regular articles on pulse markets in agreement with TEM and if you are interested in discussing the underlying fundamental story in different pulses, reach out to him at or subscribe to the weekly reports via

Andrew Woods

Andrew Woods has a background in farming. He was raised in the Riverina on Mulberrygong, a property near Hay. After securing a degree in Agricultural Science at the University of Sydney, he spent eight years farming in both northern and southern NSW. A move to wool broking in 1991 saw an interest in market analysis burgeon. In 1997 he and his family moved from Adelaide to Wagga Wagga to start Independent Commodity Services (ICS). Andrew is the Market Analyst at ICS.

Andrew works closely with the Elders Wool team and prepares analysis with input from other independent analysts and the Elders wool team. On a regular basis this content prepared by Andrew will be available on TEM.

If you have an interest in wool consider subscribing to the ICS service for bespoke information.