Price estimate for 2023 from the global food giant – MIR

David McLennan, CEO of Cargill, America’s largest private company, said food prices are likely to fall next year, although global crop supplies, especially oilseeds, remain very tight.“All it takes to really push prices up is a very poor crop in North America or South America,” the company chief said at the Bloomberg New Economic Forum in Singapore on Wednesday. Global food prices soared to record highs in March after one of its exporters “Since then, prices have plummeted following a UN-brokered grain corridor agreement that allowed ships carrying grain from Ukraine to safely cross the Black Sea. Negotiations are underway to extend the deal, which expires in May.McLennan said the solution to the food and fuel debate is to increase global crop production. “We don’t think it will be an either-or dynamic,” McLennan said. . “Food and fuel can go hand in hand.” He noted that the use of ji could increase production to meet the demand of both sectors.