Food prices will likely be lower next year, CEO says
Food prices will probably decline next year, even as global crop stockpiles stay very tight, especially for oilseeds, said David MacLennan, CEO of Cargill Inc., America’s largest private company. “All it takes is one really bad crop, let’s say in North America or South America, to really send prices higher,” he said at a forum in Singapore. World food costs jumped to a record in March after the Russian invasion of Ukraine choked off supplies
from one of the world’s top exporters. Mr. MacLennan said the solution to the food-versus-fuel debate is to boost global crop production.