Food prices will probably decline next year, even as global crop stockpiles stay very tight, especially for oilseeds, said David MacLennan, CEO of Cargill. “All it takes is one really bad crop, let’s say in North America or South America, to really send prices higher,” he said at the Bloomberg News Economy Forum in Singapore on Wednesday. MacLennan said the solution to the food-versus-fuel debate is to boost global crop production. “We don’t think it’s going to be an either/or dynamic,” he said. “It can be food and fuel.” Regenerative agricultural practices, greater yields and more use of technology can increase output so that it can meet demand from both sectors, he said.
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