Soaring Food Prices Are Approaching a Peak, Cargill CEO Says
- MacLennan retreats on prior view that inflation is transitory
- CEO rejects claims of meat industry abusing market position
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A food price surge propelled by supply chain snags, weather woes and pent-up demand is coming to an end, said the top executive of one of the world’s largest agricultural companies.
“We’re going to see some cresting and perhaps some prices that will start to come down,” Cargill Inc.’s Chief Executive Officer Dave MacLennan said Wednesday in a Bloomberg TV interview, citing the cyclical nature of commodities for part of the easing. “I’m optimistic that we’re going to see a stabilizing and perhaps even a reduction in some prices.”