Grain Prices to Weaken on Less Severe El Nino Weather, Olam Says
- "We are bearish" on agricultural commodities, CEO Says
- FAO global food index has fallen to lowest since April 2009
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Olam International Ltd., one of the world’s largest food commodities traders, expects grain and oilseed prices to weaken further because the El Nino weather phenomenon will be less harmful to harvests than feared.
"We are bearish," Olam Chief Executive Officer Sunny Verghese said in an interview in London on Tuesday. "El Nino will not be as severe" as many in the agricultural commodities market expect, he added.