Food Prices Likely to Drop Next Year

Cargill’s CEO said he expects food prices to decline in 2023.  Yahoo said that’s despite tight global crop stockpiles, especially in oilseeds.  David MacLennan, Cargill CEO, said the solution to the food versus fuel debate is to boost global crop commodity production.

“We don’t think it’s going to be an either-or dynamic,” he said. “It can be food and fuel.”

MacLennan also said regenerative agricultural practices, greater yields, and more use of technology can increase output so it can meet the demand from both food and fuel sectors.

World food prices hit a record in March after Russia invaded Ukraine and prevented exports from one of the world’s top grain producers. Prices did drop after the United Nations helped reach a grain deal that allowed ships filled with Ukrainian grain to pass unimpeded through the Black Sea.

“Food shouldn’t be a weapon,” MacLellan added. “The world depends on an interconnected food system.”

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