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Food Inflation Relief Is Within Sight as Crops and Crude Pull Back

Improving supply outlook is pushing down lofty grain prices.

A man holds a wheat in a grain storage facility near Izmail, in the Odessa region on June 14, amid the Russian invasion of Ukraine. 

A man holds a wheat in a grain storage facility near Izmail, in the Odessa region on June 14, amid the Russian invasion of Ukraine. 

Photographer: Oleksandr Gimanov/AFP/Getty Images
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Runaway food inflation may be tamed soon — at least temporarily — as farm commodities tumble after a surge that pushed up prices of everything from bread to chicken wings.

Four months after Russia’s invasion of Ukraine upended trade flows and sent futures soaring, fear of grain shortages is giving way to optimism that key producers will reap harvests large enough to help replenish war-pinched reserves. That’s critical for the wheat needed to feed the world; the corn to nourish hogs, chicken and cattle; and the oilseeds to process food.