Cargill Inc the $165 billion food manufacturing and commodity conglomerate based in Wayzata, Minnesota. In 70 countries he employs over 155,000 people and is deeply involved in different stages of food production.
Cargill CEO David McLennan was critical in its development and success. He is optimistic that food prices will fall next year.
High food prices are being hampered by a variety of obstacles, McLennan said, the main ones being the crises in Russia and Ukraine, bad weather and trade disruptions.
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As agribusiness continues to recover from hardships such as Hurricane His Ian and the drought along the Mississippi River, McLennan says prices will drop next year if he “finds a way to keep food where it’s needed.” said it should.
He continued, “I’m going to be optimistic that some of the conflicts disrupting the supply chain will be resolved.”
Bloomberg also reported that the monthly food cost index produced by the United Nations Food and Agriculture Organization (FAO) shows signs of a reversal in food inflation. Food categories already found to be sold at lower prices included fish, legumes, and certain meats and vegetables.
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