This paper proposes and analyses a model of relationships between smallholder sugarcane growers and the millers in the Swaziland sugar industry supply chain. In particular, it identifies the behavioural factors that contribute to the level of satisfaction that sugarcane grouwers perceive in their relationship with the millers. Using, recursive models and multiple regression analysis, the results indicate that higher levels of trust lead to higher levels of cooperation that, in turn, lead to higher levels of commitment by the smallholder growers to the business relationship. Cooperation is also an antecedent of the benefits and of the satisfaction that these growers gained from the relationship. These results agree with a priori theory that trust, cooperation strategic benefits, commitment and absence of opportunistic behaviour are essential elements for a successful relational exchange. The findings of this study imply that both cane growers and millers, need to focus on initiating, signalling and disclosing their behaviours in an effort to improve their relationship with each other. A relationship founded on trust and mutual respect is more likely to succeed than a relationship of convenience suported by legal contingencies. Therefore, relationships characterised by trust and physical and psychological commitment as well as cooperation between exchange parties is more important for mutual benefit and good quality relationship.